ESG standards to facilitate Azerbaijani companies’ integration into global supply chains – IFC

BAKU: The implementation of Environmental, Social, and Governance (ESG) standards could enhance the integration of Azerbaijani companies into global supply chains, IFC international ESG expert Boris Janjalia said at the presentation of the concept of ‘Unified Digital Platform for Environmental, Social, and Corporate Governance (ESG) Standards’, Trend reports. ‘Adopting ESG standards will be a significant factor for the international recognition of Azerbaijani companies. These standards can also facilitate their entry into global supply chains. In discussions with the Azerbaijani side, I aimed to share IFC’s vision on these matters, as we have our own approach to ESG. The core principle is to manage all processes effectively,’ the expert said. According to him, the presence of ESG systems in companies is undoubtedly a positive factor. However, he noted that for many entrepreneurs and businesses, implementing such standards could pose a challenging task, as this is not a system that can be easily and quickly adopted. To note, the concept of the “Unified Digital Platform for Environmental, Social, and Corporate Governance (ESG) Standards” was developed by the Business Environment and International Ratings Commission. Source: Trend News Agency