Unified digital platform for ESG standards to serve as vital tool for Azerbaijan – official

BAKU: The Unified Digital Platform for Environmental, Social, and Governance (ESG) standards will serve as a vital instrument for Azerbaijan’s future, Head of Azerbaijan’s Business Environment and International Ratings Commission, Vusal Shikhaliyev, stated, Trend reports. Shikhaliyev made the statement during the presentation of the platform’s concept. “Azerbaijan is making significant efforts to ensure sustainable development and environmental protection while coordinating initiatives in this area, which is important both nationally and globally. Today’s event is dedicated to the introduction of a unified digital platform based on ESG standards (environmental, social, and governance principles). Since 2022, the Commission has begun implementing these standards, with a heightened focus on ESG this year in the context of sustainable development,” he stated. According to him, given the current challenges, the proposed platform aims to enhance reporting and coordination among stakeholders regarding ESG in Az erbaijan. “We aim to collaboratively establish a unified vision on strategic ESG directions that will consolidate efforts and create synergy across various sectors. Today, we will get acquainted with the conceptual principles of this platform. It is important that representatives of all stakeholders will work in four thematic groups, conducting intensive discussions and research to develop the structure and concept of the new platform. We have involved both the private and public sectors, the academic community, and local authorities in this process to ensure the active participation of all parties in the formation and development of ESG standards,” he explained. Shikhaliyev highlighted that with active participation from team leaders and contributions from all participants, the goal of establishing the digital platform can be achieved swiftly. “This is particularly crucial ahead of COP29, as this initiative will enhance the effectiveness of our actions in light of current challenges. The future platform w ill not only coordinate ESG initiatives but will also help set priorities for the future. Notably, a project to develop national ESG standards, prepared by the Agency for the Development of Small and Medium-Sized Businesses, which integrates international requirements into national standards, is already at the approval stage,” he added. Source: Trend News Agency