A meeting was held at Azerbaijan Caspian Shipping (ASCO) CJSC with representatives from the European Bank for Reconstruction and Development (EBRD) and Ernst & Young (EY), which provided consulting services on the Climate-related Corporate Governance (CCG) system project, Azernews reports, citing ASCO.
During the meeting, the results of the assessment conducted as part of the project were discussed, along with the potential impacts of climate-related requirements on ASCO’s activities, climate risks, and opportunities. The meeting also included detailed information on climate-related management measures and a roadmap for sustainable financing.
Additionally, the discussion covered the requirements of International Financial Reporting Standards (IFRS) S1 (Sustainability-Related Financial Disclosures) and S2 (Climate-Related Disclosures) standards, and the possibility of applying these standards in the future.
As part of the CCG project, the EBRD will assist ASCO in preparing corporate climate management action plans and aligning the company’s activities with the goals of the Paris Agreement. The project also includes the development of a Sustainability-Linked Financing Framework (SLFF), which will allow ASCO to access Sustainability-Linked Loans (SLL) and Sustainability-Linked Bonds (SLB).
It is worth noting that the EBRD is the first international financial institution to establish a CCG facility. This project consists of a set of rules, practices, and processes applied by the EBRD to improve decision-making, information disclosure, and governance concerning the impacts of climate change.
