ASTANA, Kazakhstan, December 18. Kazakhstan needs more than $600 billion in funding to achieve carbon neutrality by 2060, said Prime Minister Alikhan Smailov at a meeting of the Council for the Transition to a Green Economy, Trend reports.
As he noted, increasing the volume of green investments is necessary for a large-scale transformation of the economy.
In this regard, the PM instructed an analysis of barriers to the implementation of green projects, to accelerate the implementation of requirements for mandatory disclosure of information on green finance issues, and to provide appropriate indicators and activities in the action plan of the concept for the transition to a green economy.
Kazakhstan has created the necessary legislative and regulatory framework for the development of green financing. A new Environmental Code has been adopted, and changes have been made for the issuance and circulation of green bonds and ESG bonds. A number of other measures have been implemented.
As of December 1, the total volume of direct support for green projects from the Baiterek holding amounted to 177.5 billion tenge (about $390 million).
In particular, the Development Bank of Kazakhstan supported seven large investment projects in the field of renewable energy sources worth 118 billion tenge (about $259 million). Qazaqstan Investment Corporation JSC supported a number of projects worth 11.1 billion tenge, or about $24.4 million (construction of solar and hydroelectric power plants). Another subsidiary organization, the Damu Fund, supported 91 green projects worth 7.4 billion tenge (about $1.62 million).