Speech by Vladanka Andreeva, UN Resident Coordinator in Azerbaijan, at the opening of “Sustainable Business Practices: Integrating ESG into Corporate Strategy”

Good morning, everyone!

I’m thrilled to be here today for our second dialog in partnership with Pasha Holding as part of the “29 Climate Conversations” series leading up to COP29 in November. 

As the UN in Azerbaijan, we’re fully committed to supporting the COP29 Presidency and engaging with all stakeholders to drive climate action across the country. 

Our “29 Climate Conversations: The Road to COP29” initiative aims to ignite nationwide dialogue and action on climate change and just transition.

Today’s dialog is dedicated to the integration of Environmental, Social, and Governance principles into corporate strategies.

We will hear practical examples of what has been done in Azerbaijan by some companies and have a frank exchange on challenges and opportunities to do more.

The Private sector can and should play a pivotal role in climate action. When it comes to integration of ESG Principles, these are some actions that the companies can undertake: 

Environmental (E):

• Carbon Footprint Reduction: Companies can actively measure and reduce their greenhouse gas emissions. This involves adopting cleaner energy sources, improving energy efficiency, and minimizing waste.
• Resource Management: Sustainable resource use, waste reduction, and responsible sourcing of materials contribute to environmental stewardship.
• Biodiversity Conservation: Encouraging practices that protect ecosystems and biodiversity is crucial.

Social (S):

• Diversity and Inclusion: Companies should promote diversity in their workforce, ensuring equal opportunities for all. Inclusive policies foster innovation and resilience.
• Labor Practices: Fair wages, safe working conditions, and respect for human rights are essential. Companies can also engage in community development initiatives.
• Stakeholder Engagement: Building strong relationships with communities, customers, and suppliers fosters social responsibility.

Governance (G):

• Transparency and Accountability: Clear reporting on financial performance, ethical conduct, and decision-making processes builds trust.
• Board Independence: Independent directors enhance governance by providing diverse perspectives and preventing conflicts of interest.
• Risk Management: Effective risk assessment and mitigation strategies are critical for long-term success.

Integrating ESG practices isn’t just about compliance—it’s about creating value, managing risks, and contributing to a greener, sustainable future for us, our children and our grandchildren.  

Thanks you once again for joining us today and look forward to the discussion .