On April 20 of this year, a meeting was held to integrate ESG (Environmental, Social, and Corporate Governance) standards into the operations of JSC "Aloqabank" with technical support from the Asian Development Bank (ADB). During the event, a delegation led by ADB financial sector expert Andrew McCartney and the "Aloqabank" working group acknowledged the successful completion of Phase 1 of the project within the framework of prospective cooperation and summarized the results achieved.
In particular, it was noted that under Phase 1, existing ESG standards at the bank were deeply analyzed based on a sustainable finance approach, and international best practices were thoroughly studied. Based on these analyses and consultations held with stakeholders (shareholders, members of the Supervisory Board, and major corporate clients), a preliminary draft of the ESG strategy was developed—centered on priority areas aligned with the bank's strategy and development goals. Furthermore, special training sessions aimed at enhancing the knowledge and skills of employees were conducted.
Within the framework of this meeting, priority areas for Phase 2 of the project were preliminary identified, including Greenhouse Gas (GHG) Footprint Assessment, the development and implementation of an Environmental and Social Management System (ESMS), and the practical application of IFRS S1 and S2 international standards.
In conclusion, the successful continuation of this project will not only enhance the bank's internal expert capacity but also elevate the reputation of JSC "Aloqabank" in the modern financial market. The phased implementation of the ESG strategy will serve to ensure the bank's long-term sustainability and establish its position as a reliable partner in the transition to a "green" economy.
