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A conference on the significance of ESG (Environmental, Social, and Governance) principles in transitioning to green economy, with participation of both the public and private sectors, was held 31.05.24

The benefits of implementing ESG principles related to environmental considerations for businesses, as well as the progress and goals achieved in this field were discussed in the conference.

In 2024, the declaration of Azerbaijan as the "Year of Solidarity for a Green World" and the country's hosting prestigious events like COP29 enhance the relevance of the concept of "green economy" and application of environmental, social, and corporate governance (ESG) principles, which are closely related to ecological concerns. This gained the momentum of joint efforts between the public and private sectors in this field.

For this purpose, the conference on "importance of environmental, social and corporate governance (ESG) principles in transiting to a green economy" was held at "Baku SMB House" with the support of the Commission on Business Environment and International Ratings under the organization of the Small and Medium Business Development Agency (KOBİA).

The event was attended by representatives of the Commission on Business Environment and International Ratings, as well as members of its ESG subgroup, which included representatives from relevant state institutions, experts, entrepreneurs, higher education institutions, and civil society organizations. The event was attended by representatives of the Commission on Business Environment and International Ratings, as well as members of its ESG subgroup, which included representatives from relevant state institutions, experts, entrepreneurs, higher education institutions, and civil society organizations. Mr. Vusal Shikhaliyev, Head of the Sector at the Department of Economic Policy and Industrial Issues of the Presidential Administration of the Republic of Azerbaijan, and the head of the Secretariat of the Commission on Business Environment and International Ratings, along with Mr. Orkhan Mammadov, Chairman of the Management Board of KOBİA, Mr. Vugar Karimov, the Deputy Minister of Ecology and Natural Resources, and Mr. Anar Aliyev, the Deputy Minister of Labor and Social Protection of the Population, provided insights on the benefits of ESG for the general population and business entities.

They discussed the implementation of ESG principles, efforts in the fields of ecology and social issues, and collaboration with the private sector. Mr. Natig Hasanov, the Deputy Chairman of the Management Board of KOBİA and the head of the ESG standards subgroup, provided information about the subgroup's activities and accomplishments. It was noted that one of the main directions of the ESG approach is related to environmental issues. The application of ESG principles has the potential to make a significant contribution to the transformation process towards “a green economy”. In 2022, the "Environmental, Social, and Corporate Governance Standards" subgroup was established within the "Corporate Governance, Investments, and Corporate Social Responsibility" working group of the Business Environment and International Ratings Commission. KOBİA leads the subgroup, which includes representatives from over 20 institutions and organizations representing the government, private, and public sectors. In the previous period, the Strategic Vision document has been formulated in our country for the medium term, and roadmaps have been approved to ensure systematic activity in the ESG field. Within the framework of implementation of Roadmap for 2023, an analysis of the current situation in the ESG field was conducted in the country. International experience was studied as well as surveys were carried out.

Within the framework of event, experts for ESG conducted presentations and facilitated discussions on various topics such as the relationship between the green economy and ESG principles, the private sector's expectations and initiatives for a successful transition to the green economy, global trends in ESG, development issues in the national context, and presentations on ESG initiatives in state-owned enterprises.

These discussions facilitated an exchange of ideas among participants. At the conference, a compilation developed by KOBİA on ESG was presented to the participants.