Green Financial System for Kazakhstan
The Republic of Kazakhstan aspires to become a regional hub for green finance. To assist in meeting this goal, the European Bank for Reconstruction and Development (EBRD) is supporting the Astana International Financial Centre (AIFC) through a project called “Green Financial System for Kazakhstan”. The project is financed by Finland, through the Finnish Ministry of Employment and the Economy Technical Cooperation Fund.
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establishment – these are only few opportunities which could be implemented on the AIFC basis»
The President of the Republic of Kazakhstan
May 27, 2016 29th Plenary session of the Foreign Investors’ Council chaired by the President of the
Republic of Kazakhstan Astana, Palace of Independence
The Governor of the Astana International Financial Center
Astana International Financial Centre and Casablanca Finance City Authority signed a Memorandum of Understanding on Cooperation and agreed to develop Green and Islamic finances. The document was signed by the Governor of the Astana International Financial Center Kairat Kelimbetov and the CEO of Casablanca Finance City Authority Said Ibrahimi.
The AIFC is organising a Final Seminar presenting the results of the project “Green Financial System for Kazakhstan” at the Wyndham Garden, Astana, in connection with the Future Energy Forum at the Astana Expo 2017.
EBRD and AIFC jointly with Green Financial System Project consultants organized the first workshop in Astana for the presenting of first results of gathering and analyzing information for the current “green” situation in the Republic of Kazakhstan...
About Green Financial System for Kazakhstan Project
The Republic of Kazakhstan has made substantial progress in regulatory reform in support of its Green Economy Concept, including developing the Kazakh Emissions Trading Scheme (K-ETS) as well as energy efficiency and renewable energy policies. With the support of the European Bank for Reconstruction and Development (EBRD), Kazakhstan also submitted in September 2015 its Nationally Determined Contribution (NDC) to the UNFCCC. Kazakhstan has signed the Paris Agreement on climate change in August 2016.
The Astana International Financial Centre (AIFC) has requested the EBRD to provide assistance in relation to the conceptualisation and development of a Green Financial System. Kazakhstan aspires to become a regional hub for green finance. The Green Financial System would provide further support for the investments in Kazakhstan’s green economy. The request comes against a context of limited involvement of Kazakhstan’s financial sector in the development of the green economy, despite the huge potential for growth in the green investments space. Furthermore the financial sector can play an important role in providing services for the emerging green markets, such as the Kazakh Emissions Trading Scheme.
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