On June 27, 2024, the AmCham Banking, Finance, and Insurance (BFI) Committee held its monthly meeting at the head office of Yelo Bank. The event featured esteemed guest speakers including Ms. Deniz Erkus, ESG expert, Mr. Hurshid Rustamov, Economist at the UN Resident Coordinator's Office in Azerbaijan, Mr. Boris Janjalia, ESG Advisory Team Lead at the International Finance Corporation (IFC), and Ms. Samra Talishinskaya-Abbasova, Senior Economist from the Central Bank of Azerbaijan.
Ms. Gunay Jalilova, Chairperson of the AmCham BFI Committee and Deputy CEO of Yelo Bank, opened the meeting by welcoming participants and providing a brief overview of the discussion agenda.
Ms. Erkus delivered a comprehensive presentation on "ESG as a Driver of Value for a Fundamental Transition." She emphasized the multifaceted benefits of integrating ESG principles into business strategies, including creating new market opportunities, enhancing access to capital through sustainable financial instruments, and strengthening transparency, ethics, and governance practices. Ms. Erkus also addressed the challenges associated with ESG implementation, such as greenwashing, varying regional taxonomies, and the complexities of measuring ESG key performance indicators (KPIs).
Mr. Rustamov followed with a presentation on "Scaling up Sustainable Finance: The Role of Financial Institutions." He provided an in-depth analysis of the current state and future needs of global sustainable finance, focusing on the interplay between financial institutions and sustainable development goals.
Mr. Janjalia discussed "A Tool to Facilitate Sustainable Finance and Manage Risks." He highlighted that the IFC estimates up to $3 trillion in annual investments in developing countries are required to achieve the Sustainable Development Goals (SDGs) by 2030. This substantial financial need underscores the importance of mobilizing resources towards sustainable projects across various sectors, including energy, transportation, water, and agriculture.
Ms. Talishinskaya-Abbasova concluded the presentations with "Regulatory Perspective on Sustainable Finance." She outlined key regulatory frameworks and tools developed by international platforms, including the Sustainable Finance Work Plan, the BCBS Climate-related Risk Drivers, and the FSB Roadmap for addressing climate-related financial risks. These frameworks are designed to enhance transparency, integrate ESG factors into risk management, and promote market discipline.
The meeting concluded with an engaging Q&A session, where participants' questions were thoroughly addressed by the speakers.
Yelo Bank is proud to support such initiatives, reinforcing its commitment to sustainability and responsible finance.
Yelo Bank – Brighter Banking!