European Bank for Reconstruction and Development

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), energy efficiency and renewable energy policies. With the support of the European Bank for Reconstruction and Development (EBRD), Kazakhstan also submitted its Intended Nationally Determined Contribution (INDC) to the UNFCCC. At the COP21 the Paris Agreement was agreed in December 2015, came into force on the 4th of November and Kazakhstan has signed and ratified this agreement. The Republic of Kazakhstan is also preparing for Astana EXPO-2017 World Specialized Exhibition with the theme ‘Future Energy’.

 

The Astana Financial Centre has requested the EBRD to provide assistance in relation to the conceptualisation and development of a Green Financial System (GFS). The GFS would provide further support for the investments in Kazakh’s Green Economy. The project is financed by Finland, through the Finnish Ministry of Employment and the Economy Technical Cooperation Fund. The request comes against a context of a Kazakhstan’s financial sector with to date very limited involvement in the development of the green economy, despite the huge potential for growth in the green investments space. The financial sector plays an important role in providing financial services for the emerging green markets, such as the Kazakh Emissions Trading Scheme.

 

The EBRD wishes to contribute to the further implementation of Kazakhstan’s Green Economy Concept. The EBRD has delivered since 2006 over EUR 1.46 billion of climate finance to date in Kazakhstan. Under its recently launched Green Economy Transition its seeking to further grow its green investments and support related transition. The Republic of Kazakhstan and the EBRD also established the Enhanced Partnership, which relates to financial sector, renewable energy, energy efficiency and resource efficiency.

 

The project would be built on the relationship between Kazakhstan and EBRD, such various policy studies carried out to date, including the carbon market options study, the renewable energy dialogue, the support to the Kazakh ETS and the Green Economy Law. The study would also ensure the inclusion of reports from other relationships, such as under the OECD, PMR, ICAP, ADB, Norway, Germany and USAID.

 

 

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