Dr Peter Dery, Director of Environment at the Ministry of Environment, Science, Technology and Innovation has highlighted the positive impact the recently launched Green Finance Taxonomy will have on the nation's strategy to mobilize resources to support green investment.
Speaking at a meeting organised by the Finance Ministry on the sidelines of the ongoing COP 29 in Baku, he commended the Ministry of Finance for the initiative nothing that "this will prevent greenwashing and this is why the Ministry of Environment, Science, technology and Technology , MESTI fully endorses this initiative".
Greenwashing is the act of making false or misleading statements about the environmental benefits of a product or practice.
This is a way for companies to continue or expand their pollution as well as related harmful behaviours, all while gaming the system or profiting off well-intentioned, sustainably minded consumers.