BAKU, Azerbaijan, April 30. The Central Bank of
Azerbaijan (CBA) has been admitted as a full member of the Central
Banks and Supervisors Network for Greening the Financial System
(NGFS), Trend
reports, citing the CBA.
As a full member of the network, the Central Bank will
participate in the activities of working groups and both contribute
to and benefit from joint research in areas such as climate
scenario analysis, green finance, climate stress testing, and the
integration of sustainability factors into monetary policy and
prudential supervision frameworks.
The bank’s membership is expected to further advance its
sustainable finance agenda, including the implementation of a green
taxonomy, the development of the green bond market, and the
introduction of climate-related disclosures within the financial
sector. This step also represents a key initiative under the
Central Bank’s Sustainable Finance Roadmap and aligns with
Azerbaijan’s national commitments under the Paris Climate
Agreement, as well as its broader policy of transitioning toward a
green and sustainable economy.
The NGFS is a global network that brings together central banks
and supervisory authorities from various countries with the
objective of enhancing the management of environmental and
climate-related risks in the financial sector, promoting the
exchange of best practices, and mobilizing financial flows to
support the transition to a sustainable economy.
The Central Bank announced that it will continue to expand
cooperation with international financial institutions in order to
develop policies aligned with global challenges.
