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Importance of application of environmental, social and corporate management principles for business


Importance of application of environmental, social and corporate management principles for business

The transition to a "green economy" and becoming a supplier of "green energy" are among the priorities of Azerbaijan's economic policy. It is no coincidence that the year 2024 was declared the "Year of Solidarity for the Green World" in our country by the relevant Decree of the head of state. Also, this year, Azerbaijan will host such a prestigious event as COP29.

One of the main directions of the environmental, social and corporate governance (ESG) approach is related to environmental issues. The application of ESG principles has the potential to contribute to the process of transformation to a "green economy".

 

What measures are being taken in Azerbaijan regarding the implementation of ESG?

 

In order to promote ESG more broadly in our country, to combine the efforts of the public and private sectors in this direction, and to ensure the formation and implementation of a conceptual vision, on September 30, 2022, a subgroup (subgroup) on "Environmental, social and corporate governance (ESG) standards" of the "Corporate management, investments and corporate social responsibility" working group of the Commission for Business Environment and International Ratings was established. The subgroup is headed by the Small and Medium Business Development Agency (KOBIA). The subgroup includes representatives of about 20 institutions and organizations representing the state, private and public sectors.

In the past period, in order to ensure systematic activity in the field of ESG, a Strategic Review document for the medium-term period was prepared in our country, and at the same time, roadmaps for the years 2023 and 2024 on the stimulation and promotion of the application of ecological, social and corporate management principles were approved. Within the implementation of the Road Map for 2023, an analysis of the current situation in the country in the field of ESG was carried out, a survey was conducted and international experience was studied. In addition, normative legal frameworks, existing and newly applied norms and rules related to individual elements of ESG were reviewed.

 

 

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