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Informativa seminar dedicated to ESG Standars has been held 21.06.25

Application of ESG in businesses is beneficial in terms of desreasing the production costs, increasing competitiveness, increasing export potential and attracting foreign investments.

The Roadmap for 2025 of the Sub-Group on Environmental, Social and Corporate Governance (ESG) Standards of the “Corporate Governance, Investments and Corporate Social Responsibility” Working Group, led by the Small and Medium Enterprises Development Agency (SMEDA) of the Commission on Business Environment and International Ratings, envisages increasing public awareness of ESG standards and expanding the application of the standard.

With this aim, an informative seminar on ESG standards was organized by KOBIA.

The online seminar was attended by entrepreneurs as well as regional representatives of the Agency known as SME Friends who are tasked with raising awareness of ESG standards among businesses across the regions.

During the event, the Small and Medium Business Development Agency (KOBIA) and the Azerbaijan Institute of Standardization (AZSTAND), operating under the State Service for Antimonopoly and Consumer Market Control under the President of the Republic of Azerbaijan, provided detailed information on the content and benefits of the national ESG standard for businesses. It was noted that the national ESG standard was developed on the initiative of KOBİA based on the recommendations of the International Organization for Standardization (ISO), and was formally adopted by AZSTAND.

The state standard titled AZS IWA 48:2024 “Framework for the Implementation of Environmental, Social, and Corporate Governance (ESG) Principles” provides a guideline for applying ESG principles within enterprises and organizations. Its purpose is to support sustainable development in the modern business environment and promote social responsibility. Based on international best practices, the standard aims to assist enterprises and organizations in developing and implementing ESG strategies.

The application of this standard, while voluntary, contributes to sustainable development in both the public and private sectors. It also enhances customer satisfaction and social responsibility, mitigates risks, and offers significant advantages such as optimization of business processes, reduction in production costs, increased competitiveness, enhanced export potential, and—most notably—attraction of foreign investment. Investors tend to prioritize businesses that adhere to ESG principles when making investment decisions.

The seminar concluded with a Q&A session where participants’ questions were addressed.