A meeting was held at Azerbaijan Caspian Shipping Company (ASCO) with representatives of EBRD and Ernst & Young (EY), the consultancy firm providing advisory services for the Climate-related Corporate Governance system (CCG) project, AzVision.az reports citing ASCO.
During the meeting, the results of the assessment conducted within the project framework, the potential impact of climate-related requirements on ASCO’s operations, as well as climate risks and opportunities, were discussed.
Additionally, detailed information was provided on climate-related governance measures and the roadmap for sustainable financing.
Furthermore, the meeting addressed the requirements of International Financial Reporting Standards (IFRS) S1 (Sustainability-related Financial Disclosures) and S2 (Climate-related Disclosures), as well as the potential for their future implementation.
As part of the CCG project, the EBRD will support ASCO in developing corporate climate governance action plans and aligning the company’s operations with the goals of the Paris Agreement.
The project also envisions the development of a Sustainability-Linked Financing Framework (SLFF), which will enable ASCO to secure sustainability-linked loans (SLL) and issue sustainability-linked bonds (SLB).
The EBRD is the first international financial institution to establish the CCG framework. This project represents a comprehensive set of rules, practices, and processes applied by the EBRD for decision-making regarding the impacts of climate change, disclosure of relevant information, and governance enhancement in this field.
