BAKU, Azerbaijan, June 8. Kazakhstan's KazMunayGas (KMG) and the European Bank for Reconstruction and Development (EBRD) signed a Memorandum of Understanding (MoU) on strategic cooperation in the field of decarbonization on June 8, Trend reports citing KMG.
The memorandum is aimed to support KMG in reducing its carbon footprint as part of the implementation of KMG's Low-Carbon Development Program 2022-2031 and increase its efficiency.
The sides will make considerable efforts to increase KMG's capacity in reporting area following the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), as well as to analyze the potential for improving energy efficiency, developing renewable energy, implementing low-carbon hydrogen pilot projects, and applying carbon capture and storage (CCS) technologies.
The signing of the memorandum took place on the eve of the 34th Plenary meeting of the Foreign Investors' Council on "Decarbonized economy. Implementation of low-carbon technologies for meeting environmental, social and governance (ESG) standards".
The signing ceremony was attended by Chairman of the Management Board of KazMunayGas Magzum Mirzagaliyev and EBRD Director for Kazakhstan Huseyin Ozhan.