This report reviews the development of the market for environmental finance in Azerbaijan. Beginning with an overview of recent macro-economic performance, it then sets out the developing situation in Azerbaijan’s banking and financial markets. The report provides an overview of policies and targets that support green investment, before detailing examples of green finance and associated projects. It concludes with a set of questions that help frame a discussion on scaling up green finance the country. The report aims to support discussion at the workshop on green finance in Azerbaijan to be held on 4 April 2018 in Baku. The workshop is financed by the European Union (EU) “Greening Economies in the Eastern Neighbourhood” (EaP GREEN) Project which is being implemented by the Organisation for Economic Co-operation and Development (OECD) in conjunction with its partners United Nations Economic Commission for Europe (UNECE), UN Environment and United Nations Industrial Development Organization (UNIDO).