Central Bank of the Republic of Azerbaijan outlines Taxonomy Roadmap Initiative shift to implementation ahead of COP31

The Central Bank of the Republic of Azerbaijan published an update on working sessions held during London Climate Action Week 2026 by partners and observers of the Taxonomy Roadmap Initiative, a global platform launched in Baku at COP29. The main outcome was a reaffirmed shift in the initiative’s focus from developing sustainable finance taxonomies and promoting interoperability toward supporting practical implementation and delivering measurable results. Sessions hosted by the World Bank Group and organised with the Sustainable Banking and Finance Network brought together TRI partners, representatives of the COP30 and COP31 presidencies, international organisations and market participants. Building on work launched at COP29 and later included in the COP30 Action Agenda as an Accelerating Solutions Plan, participants agreed that the next priority is to help countries implement national frameworks, mobilise capital and demonstrate concrete outcomes in the real economy. They also discussed presenting a single package of key TRI outputs at COP31 in Antalya, including interoperability principles, an annual progress report focused on implementation examples, a taxonomy effectiveness self-assessment methodology and a Taxonomy Mapper. The initiative will continue preparing these outputs with partners ahead of COP31. It also plans broader focus on capacity building, technical assistance and knowledge sharing to help developing countries develop, implement and refine sustainable finance taxonomies.