Meeting of the Energy Transition and Sustainability Working Group

The Energy Transition and Sustainability Working Group of AHK Azerbaijan hosted a session titled “Green Finance Models in State-Owned Enterprises (SOEs): Proven Business Cases.” The goal of the event was to promote and advance sustainable financing practices in Azerbaijan by showcasing successful green finance models and experiences from businesses and financial institutions. It aimed to facilitate knowledge-sharing on overcoming challenges, understanding regulatory frameworks like the Central Bank’s Green Taxonomy, and exploring effective financing approaches for SOEs’ green projects, thereby supporting Azerbaijan's energy transition and sustainability efforts. 

The event opened with welcoming remarks by Nargis Wieck, Executive Director of AHK Azerbaijan who greeted participants and followed by Gurban Karimbayli, Vice Chair of the Working Group, highlighted the importance of advancing sustainable financing practices in Azerbaijan. 

Under the moderation of Gunay Asgarova, the session featured an interactive discussion on “Proven Green Finance Models in Azerbaijan – Insights from Businesses and Financial Institutions,” where speakers shared practical experiences and perspectives on sustainable finance. 

During the panel discussions, speakers addressed key issues related to the transformation of the financial sector towards sustainable and green finance. The dialogue covered the role of the Central Bank’s Green Taxonomy in channeling capital into energy transition and sustainable projects, as well as the main challenges and risks financial institutions face in implementing green finance frameworks. Speakers also reflected on the most effective models for financing state-owned enterprises’ green projects, highlighting the balance between public budget guarantees and blended finance with international institutions. Further discussions focused on the institutional, financial, and regulatory barriers hindering green investment. 

Representatives of major state-owned enterprises, including Baku Metro and Azerbaijan Railways, shared insights on ESG initiatives, access to international green finance markets, integration of sustainability into corporate strategy, and the economic, financial, and ESG-related benefits of electrification projects. Additionally, the role of international financial institutions, particularly ADB, in supporting state-owned enterprises with green financing instruments and acting as strategic investors was emphasized. 

The event concluded with a QA session where member companies shared insights on green financing, implementation challenges, and the need for strong institutional support. 

A warm thank-you to Gurban Karimbayli, Gunay Asgarova, Rustam Tahirov, Konul Shugubova, Aydan Gurbanova, Sanan Shabanov and Nurlan Safarov for their valuable contributions!