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A conference was held regarding the presentation of unified platform and the national standard for ESG 06.11.24

The unified platform for ESG will operate as a resource center that consolidates information and materials in the relevant field.

A conference was held on the presentation of the unified platform and national standard for Environmental, Social, and Corporate Governance (ESG), organized by the Commission on Business Environment and International Rankings and the Small and Medium Business Development Agency (KOBİA), with the support of ABB and “Azercell Telecom” LLC.

The conference was attended by the representatives of relevant state authorities, international organizations, and entrepreneurs.

Vusal Shikhaliyev, the Head of the Secretariat of the Commission on Business Environment and International Rankings, Sector Director of the Economic Policy and Industry Department of the Presidential Administration of the Republic of Azerbaijan, Sadig Gurbanov, Chairman of the Committee on Natural Resources, Energy, and Ecology of the National Assembly, Chairman of the Management Board of KOBİA and Orhan Mammadov, head of the “Corporate Governance, Investments, and Corporate Social Responsibility” working group, in which ESG subgroup is also represented, Vugar Karimo, Deputy Minister of Ecology and Natural Resources, Anar Karimov, Deputy Minister of Labor and Social Protection of the Population, and Vladanka Andreeva, UN Resident Coordinator in Azerbaijan, shared their views on the importance of ESG, its impact on the environment, the social aspects of ESG, the effects of applying these principles on sustainable and lasting development, as well as the benefits for the private sector, and international best practices in this field. Within the framework of an event, Gulnaz Javadova, Senior Advisor of the Economic Policy and Industry Department of the Presidential Administration of the Republic of Azerbaijan, made a speech with presentation on the unified ESG platform (https://esghub.az/), and Ilham Bayramov, Director General of the Azerbaijan Standardization Institute, presented on the national ESG standard, as well as Ulviyya Akbar, the UN Partnership and Development Officer in Azerbaijan, provided information on the concept of the ESG platform.

It was emphasized that the unified ESG platform will operate as a resource center that continuously updates and consolidates comprehensive information and materials related to ESG. The platform will operate to attract foreign investors by providing businesses with indicators and data on their current status, sustainability, and ESG reporting. Partners will be able to provide their ESG-related services to business entities through this platform, while businesses will gain access to experienced specialists and professional companies in the ESG field. The platform will contribute positively to environmental and sustainable development issues, as well as to indicators related to ecological performance in international rankings. The unified ESG platform, launched in anticipation of Azerbaijan's preparations to host COP29, further reaffirms the country's dedication to environmental sustainability. It was stated at the conference that the national standard for ESG was developed at the initiative of KOBİA on the basis of the recommendations of the International Organization for Standardization (ISO) within the framework of the Commission on Business Environment and International Rankings, and was recently adopted by the Azerbaijan Standardization Institute. The state standard “AZS IWA 48:2024 Framework for the Implementation of Environmental, Social, and Corporate Governance (ESG) Principles” is considered one of the first practices adopted in the relevant field. The new state standard provides a framework for application of ESG principles in enterprises and organizations, supporting sustainable development in the modern business environment and promoting social responsibility. The purpose of the standard is to assist enterprises and organizations in forming and application of ESG strategies. The application of this standard will not only foster sustainable development in the public and private sectors, but also positively impact customer satisfaction, reduce risks, and enhance social responsibility. The application of the standard is voluntary.

The event proceeded with panel discussions on the topic "Building a Greener Future: Strategies for the Effective Application of the ESG Platform and Principles," and addressed the questions of participants.