BAKU, Azerbaijan, Mar. 31
By Nargiz Sadikhova - Trend:
The European Bank for Reconstruction and Development (EBRD) and Kazakhstan have agreed to develop a long-term cooperation strategy to achieve carbon neutrality of the country’s power sector by 2060, Trend reports citing the EBRD.
The accord will further cement Kazakhstan's status as a regional renewable energy leader in Central Asia.
The roadmap for the decarbonization strategy was signed by Kazakhstan’s Minister of Energy Nurlan Nogayev and by EBRD President Odile Renaud-Basso during her online visit to Kazakhstan.
Within the strategy, the EBRD and Kazakhstan will cooperate on the development of renewable energy and the carbon market, the enhancement of the electrical grid and the decommissioning of old thermal capacity. The Bank is committed to financing renewable energy projects implemented through an auction mechanism in order to promote competitive pricing and to stimulate investment in renewable energy.
The EBRD remains a committed supporter of the country’s renewable energy drive, with 14 projects worth $535 million financed to date. In 2020 alone, and despite the COVID-19 pandemic’s effect on the economy, the EBRD allocated $53 million to support the construction of a 100 MW wind farm near the city of Zhanatas and a 76 MW solar power plant in the Karaganda region.
To date, the EBRD has invested more than €8.13 billion in the economy of Kazakhstan through 280 projects. Support for small businesses is particularly important and is in line with the EBRD’s country strategy for Kazakhstan.