Central Bank of Azerbaijan developing climate finance standards
Ulviyya Shahin
Read moreThe Central Bank of Azerbaijan (CBA) is working on the development of minimum standards (taxonomy) for climate finance together with relevant state institutions.
Azernews informs that Aliyar Mammadyarov, deputy chairman of CBA, said this at the 3rd "Agribusiness Development Forum" held in Guba.
According to him, the taxonomy is one of the important conditions for the development of sustainable and "green" finance.
"In addition to other economic sectors, sustainable and green activities in agriculture will be defined in the taxonomy. In this direction, there is a need for close cooperation with the experts of the Ministry of Agriculture. In general, as in other countries, agriculture in Azerbaijan is one of the sectors most affected by climate change.
The decrease in water reserves against the background of temperature increase makes it necessary to create sustainable agriculture that is resistant to climate change.
From this point of view, in the taxonomy, the application of "smart" irrigation systems, the development of crop seeds resistant to climate change, and other such agricultural activities will be classified as sustainable and green activities."
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