SMB

We believe Azerbaijan’s socio-economic development is closely linked with entrepreneurship and its future development!

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A compendium outlining the principles of environmental, social, and corporate governance (ESG) has been compiled. 07.05.24

Entrepreneurs and other interested individuals seeking to integrate the principles of ESG into their business practices can access the collection on the KOBİA website.

Within the framework of the Road map for 2023 to stimulate and promote the application of the principles of environmental, social and corporate governance (ESG) in our country, a collection of information on various issues related to ESG has been developed.

The compendium encompasses our country's international obligations and objectives regarding ESG, the legislative framework, statistics, assessment methodologies, reporting standards, and other pertinent topics. Entrepreneurs and other interested parties seeking to integrate ESG principles into their businesses can access the collection on the website of the Small and Medium Business Development Agency (KOBİA) at www.smb.gov.az (https://smb.gov.az/storage/ESGMecmue2024.pdf).

It should be noted that the transformation into a "green economy," which is one of the main elements of the ESG, is useful for SMBs.

Hence, implementing ESG principles in enterprises not only contributes to environmental protection but also yields positive effects by optimizing the costs of SMBs, enhancing their productivity and competitiveness, fostering the adoption of efficient and cost-effective technologies, and integrating green innovations into business processes. Adapting the production process to environmental standards and manufacturing green products serves to bolster the export potential of the business and facilitates access to financial resources.

Indeed, contemporary international investors prioritize ESG principles, encompassing green initiatives while making investment decisions.

In order to promote ESG principles more widely in Azerbaijan, combine the efforts of the public and private sectors in this direction and ensure the formation and implementation of a conceptual vision, a subgroup “standards of environmental, social and corporate governance” of the working group “corporate governance, investment and corporate social responsibility” of the Commission on Business Environment and International Relations was established in 2022 ratings.

The subgroup is led by KOBİA and comprises representatives from approximately 20 institutions and organizations spanning the public, private, and civil sectors. To facilitate systematic efforts in the realm of ESG, our country has developed a Strategic Vision for the medium term and endorsed a roadmap for implementation.