AKIPRESS.COM - The Yereymentau Wind Farm in Kazakhstan, a long-standing partner of the European Bank for Reconstruction and Development, EBRD, has been registered as a domestic carbon credit project under the country’s emissions trading system (ETS), EBRD said.
Once up and running, the EBRD-sponsored project will be able to monetise emission reductions by selling carbon credits to operators under the Kazakhstani Emissions Trading Scheme for compliance purposes.
Established in 2013 as a pilot programme, Kazakhstan’s ETS aimed to establish a national market mechanism for reducing greenhouse gas (GHG) emissions. The same year the Kazakh parliament passed a renewable energy law, introducing feed-in-tariffs for electricity produced by renewable energy sources.
The EBRD subsequently agreed to finance the first large-scale renewable energy project in the country in 2014, the 50 MW wind power plant in Yereymentau, central Kazakhstan.
Both steps paved the way for the development of carbon pricing and the promotion of the government’s green agenda in the run-up to the 2015 Paris climate conference.
Adapting the ETS to new challenges, the Kazakh authorities have revised the emissions trading scheme and introduced stricter regulations for the biggest CO2 emitters. The EBRD has supported the registration of the Yereymentau wind farm through the Carbon Project and Asset Development Facility, which is funded by the Bank’s Shareholder Special Fund.