BAKU, Azerbaijan, Nov. 12
Trend:
Kazakhstan has the opportunity to maintain its position in oil production in the world market even with a decrease in the total volume of global oil consumption, Renaissance Capital investment company told Trend on Nov. 12.
According to the information, work is underway in Kazakhstan to reduce greenhouse gas emissions within the framework of the Paris Agreement until 2030 and the development of a Concept for low-carbon development until 2050.
Renaissance Capital reports that in terms of the decarbonization trend, Kazakhstan was among the first in the post-Soviet space to introduce a system of trading in quotas for greenhouse gas emissions.
"This will help reduce costs from the further spread of the EU carbon tax, and also underlines the proactive approach of the state to adapting the country to the global decarbonization trend," the company said.
Renaissance Capital also noted the importance of the low cost of oil production in Kazakhstan.
"The low cost of oil production in Kazakhstan relative to other large producers, as well as a reasonable approach to modernizing the industry, in our opinion, can allow Kazakhstan to maintain its position in the world market for a long time even with a decrease in total global oil consumption," the company said.