Azerbaijan prepares national ESG Standard to support Green Agenda

Azerbaijan is actively working on developing its national Environmental, Social, and Corporate Governance (ESG) standard, as announced during a meeting at the "Baku KOB House," attended by key officials, including Vusal Shikhaliyev, Head of the Department of Economic Policy and Industrial Affairs of the Presidential Administration, and Orkhan Mammadov, Chairman of KOBIA, Azernews reports.

The initiative was discussed at the meeting of the "Corporate Management, Investments, and Corporate Social Responsibility" Working Group.

The national ESG standard is being prepared with technical assistance from the International Organization for Standardization (ISO) and the Azerbaijan Standardization Institute. The standard aims to create a comprehensive regulatory framework for ESG activities, while promoting and encouraging sustainable development.

The meeting also highlighted cooperation with the World Economic Forum, which supports efforts to improve Azerbaijan's business environment and innovation through updated data on indicators like "Conditions for Doing Business" and "Development of Clusters" in the Global Innovation Index. The adoption of the national ESG standard is expected to enhance the country’s green agenda and sustainable growth.