▲ Up
 
22:42 26-07-2017
АКИpress CA-News Tazabek Turmush
ADVERTISE WITH US SUBSCRIBE
KazakhstanKyrgyzstanMongoliaTajikistanTurkmenistanUzbekistanWorld
POLITICSBUSINESSINCIDENTSSOCIETYCULTURESPORTANALYSISSCIENCE
EBRD and AIFC launch study for Green Financial System in Kazakhstan
10:06, 19 January 2017, 2197
Twitterfacebookprint

AKIPRESS.COM - In a new step to support Kazakhstan’s path towards a greener economy, the European Bank for Reconstruction and Development (EBRD) is launching a study that will assess the potential of developing a green financial system for the country.

A system of this kind would boost financing for “green” projects in Kazakhstan and beyond and would be based within the forthcoming Astana International Financial Centre (AIFC), EBRD said in a release on January 16.

The AIFC is currently being developed in Astana with the aim of becoming a financial hub for the immediate region and beyond. The EBRD is acting as one of the advisers to the AIFC Authority, the entity in charge of the centre’s development, on issues including green finance.

The scoping study, which will be available at www.greenfinance.kz, will look at ways of addressing major environmental challenges in the country, using market-friendly tools. In line with the EBRD’s Green Economy Transition (GET) approach, the study will assess demand for green investment, including financial products such as loans and bonds. The research will also identify regulatory gaps and barriers.

The results of the study are due be presented at the 2017 Expo in Astana, which will focus on the theme of “Future Energy”.

Jan-Willem van de Ven, EBRD Head of Carbon Market Development, said: “A green financial system will help raise awareness and increase the involvement of the financial sector, in particular the private sector, in the delivery of green projects in Kazakhstan and more widely in Central Asia.”

Kazakhstan has set itself ambitious goals to cut greenhouse gas emissions under the Paris COP21 climate agreement, and to raise the share of renewable energy in its total production to 3 per cent and 10 per cent by 2020 and 2030, respectively. To help the country achieve these goals, the EBRD has earmarked €200 million for renewable energy projects in Kazakhstan, with signings of specific renewables projects expected in the near future.

Aida Sitdikova, EBRD Director for Energy and Natural Resources in Russia, the Caucasus and Central Asia, said: “The EBRD is already attracting climate financing from global climate funds and other financiers into Kazakhstan, including under the new framework. A green financial system could make renewable energy projects in the country even more attractive to independent private developers.”

The EBRD is already the largest renewable energy financier in Kazakhstan, as well as in its entire region of operations. The Bank has invested nearly €1.5 billion in green projects in Kazakhstan and cooperated extensively on regulatory reform and the country’s innovative carbon-trading scheme.

The Kazakh authorities have expressed strong commitment to the national strategy of a green economy, including a green financial system. President Nursultan Nazarbayev has remarked publicly on the need to develop green financing tools. Kairat Kelimbetov, the Governor of the Astana International Financial Centre, has stressed Astana’s interest in becoming a hub for green finance.


Full access to all news articles in English

1 month2000 somsubscribe
year20000 somsubscribe
These subscription fees are for private individuals only. Please contact us via phone +996 (312) 900-776 or email info@akipress.org for corporate subscription inquiries
Twitterfacebookprint
LATEST NEWS
17:23 'Turnover between Kyrgyzstan and Kazakhstan amounted to $339.3 mln in January-May' - Minister of Economy17:21 EU to open Delegation to Mongolia17:16 US moves one step closer to imposing fresh Russia sanctions17:14 Atambayev signs ratification of $20 mln loan from Saudi Fund for Development for North-South Road rehabilitation17:12 Kyrgyzstan ratifies agreement with Georgian on avoidance of double taxation16:57 Men who wanted give a ride to 24yo Polish woman in Issyk-Kul tell their versions of what happened16:55 11 civil servants from Kyrgyzstan to attend graduate school in South Korea16:52 Kyrgyzmani gains 4th place at Asian Weightlifting Championship in Nepal16:14 France wildfires force mass evacuation16:08 Chairperson of Yakutia's State Assembly presented to Kyrgyz Academy of Sciences works of Kyrgyz authors translated into Yakut16:05 Election Commission recommends Tekebayev to appeal to court for a permission to Kyrgyz language test that presidential candidates must pass16:05 Special bricks used in construction of Burana tower found during excavations in Naryn15:50 Indian PM Modi invites Mongolia's Battulga to visit India15:49 Eyewitness tells court about robbing Bakiyevs' properties with help of Ata-Meken MPs15:45 Kyzylorda region plans to export meat to Russia15:26 Mass bull die off reported in Jalal-Abad pasture15:24 MFA of Kyrgyzstan, French Senators discuss upcoming elections in Kyrgyzstan15:15 EU court backs migrant deportations by Austria, Slovenia15:06 John Malkovich arrives in Astana15:02 Government approves draft protocol on requirements for exporting horses to China
© AKIpress News Agency - 2001-2017. All rights reserved
Republication of any material is prohibited without a written agreement with AKIpress News Agency. Any citation must be accompanied by a hyperlink to akipress.com.
Our address:
Moskovskaya str. 189, Bishkek, the Kyrgyz Republic
e-mail: english@akipress.org, akipressenglish@gmail.com;
Tel/Fax: +996(312)90-07-75