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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«The issue of green bonds, introduction of green insurance institute, and green bank
establishment – these are only few opportunities which could be implemented on the AIFC basis»


Nursultan Nazarbayev
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
«On behalf of the Astana International Financial Centre I would like to welcome you at the virtual platform for the Green Finance System Kazakhstan – the project that is very important for all of us in terms of global transition to green economy...»


Kairat Kelimbetov
The Governor of the Astana International Financial Center

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.

 

 

Green Economy Concept

 

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Фонд сохранения биоразнообразия КазахстанаKAZENERGY