Bank ABB announced as principal banking partner for COP29
Baku, October 28, AZERTAC
Bank ABB (The International Bank of Azerbaijan) – the largest financial institution in Azerbaijan – has signed up as the Principal Banking Partner for COP29, highlighting encouraging sustainable practice across the finance sector. With headquarters located in Baku, as well as 84 branches across Azerbaijan, Bank ABB is one of the leading banks in the South Caucasus region, serving more than 2.6 million customers.
Bank ABB has demonstrated its commitment to climate action, having joined the UN Global Compact, an initiative promoting corporate social responsibility and adherence to sustainable development principles. Through this membership, Bank ABB is supporting its Sustainable Development Goals and advancing ESG standards. Bank ABB has also initiated the accreditation process with the Green Climate Fund, the financial mechanism of the United Nations Framework Convention on Climate Change UNFCCC.
With climate finance a key issue at COP29 this year, Bank ABB is keen to use the platform as a COP29 partner to affirm its important role in closing the climate finance gap, having already raised more than 100 million AZN in sustainable loans and building a project pipeline worth hundreds of millions of AZN. These funds are being directed to projects in renewable energy, green infrastructure, and sustainable technologies.
Partnering with COP29 this year aligns with Bank ABB’s ambitions, which place a big focus on sustainable development and the efficient use of resources.
Partners at COP29 will use the opportunity to engage with global climate policies, highlight their ongoing efforts on sustainability, and support the delivery of climate action transition in their key business areas. By partnering with COP29 in Baku, businesses can equally demonstrate the critical role they play in advancing green policies and supporting the global community in keeping the 1.5C target within reach.
The Green Zone at COP29 will also feature a range of global businesses showcasing climate-friendly solutions, as a dedicated space for private sector organisations. Organisations will foster connections and advance climate action through a variety of programs, including presentations, workshops, and networking events. Participating businesses can also host their own events using conference facilities with theatre-style seating and various meeting room formats for enhanced visibility, collaboration, and networking.
Commenting on the announcement of Bank ABB as Principal Banking Partner, Chief Operating Officer for COP29 Azerbaijan Narmin Jarchalova said, “I am thrilled to welcome Bank ABB as the Principal Banking Partner at COP29. With climate finance a central theme to this year’s COP, Bank ABB has a key role to play together with our other partners, in leading discussions on this critical subject and convening other stakeholders from the finance and investment sectors.”
Announcing their COP29 partnership, Abbas Ibrahimov, Chairman of the Management Board at Bank ABB, stated, “As the Principal Banking Partner at COP29, Bank ABB strengthens its commitment to closing the climate finance gap. Climate change is no longer only an environmental concern; it is a pressing reality that threatens our economic and social stability. Addressing this challenge demands a proactive role from the banking sector. With the insights and partnerships forged at COP29, we are more dedicated than ever to advancing financial solutions that drive environmental, social, and economic sustainability. Together, we can create a resilient future by building an economic model that harmonizes business, society, and the planet”.
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