The implementation of environmental, social and governance (ESG) standards in the banking sector of Azerbaijan may be possible by 2026, Huseyn Huseynov, head of the Department of Sustainable Development and Social Policy of the Ministry of Economy, Secretary of the National Coordination Council for Sustainable Development, told Report.

Huseynov noted that the process of applying ESG standards is new to Azerbaijan: “The banking sector should be fully prepared for the application of ESG standards so that a concept of concessions to be applied in this direction is developed.”