AKIPRESS.COM - The European Bank for Reconstruction and Development (EBRD) is taking the first step towards developing a green financial system in Kazakhstan in partnership with the Astana International Financial Centre (AIFC) Authority.

EBRD President Sir Suma Chakrabarti and AIFC Governor Kairat Kelimbetov signed an agreement today on the sidelines of the Foreign Investors Council’s plenary session to commission a scoping study for the development of a green financing system in Kazakhstan.

The study, scheduled to be completed in 2017, will assess the demand for green investments, identify gaps in current regulations, and make recommendations for the introduction of green financing standards and for the development of the green bonds market and carbon market services.

The development of a green financing system would be consistent with the COP21 Paris Agreement, aligning financing flows with a pathway towards low greenhouse gas emissions and climate resilient development.

The AIFC Authority was put in place earlier this year and is tasked with developing an international financial centre in Astana. In March, the AIFC Authority, TheCityUK and the EBRD signed a Memorandum of Understanding to support the establishment of the financial centre and to encourage and improve opportunities for the financial and related professional services industries.

Janet Heckman, EBRD Director for Kazakhstan, said: “The EBRD is the largest green financier in its region, and in Kazakhstan we make every effort to support energy efficiency and renewable energy. But we also aim to help the country develop a new way of financing its green economy programme, and we believe the future AIFC can spearhead the green financial system development as its unique proposition.”

AIFC Governor Kairat Kelimbetov added: "AIFC is planning to develop instruments of green financial systems on its site. Today we see the rapid development and the reorientation of the economy towards cleaner technologies. In this connection, a high-tech area Astana EXPO - 2017 intends to provide the infrastructure in the field of green technology research, while AIFC can participate in its financial component".