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Capital market growth crucial for green finance in Central Asia AIFC chairman says at COP29

14 November 2024 18:15

At the COP29 climate summit, Manas Gijduaniev, Chairman of the Astana International Financial Centre (AIFC) Green Finance Centre, highlighted key obstacles to the development of sustainable green finance in Central Asia, pointing to the region's underdeveloped capital markets as a significant challenge.

During the event "Climate Finance Landscape in the South Caucasus and Central Asia," Gijduaniev discussed the importance of creating strong financial structures and fostering regional cooperation to accelerate green investments in the region, Caliber.Az reports via local media.

Gijduaniev emphasized the crucial role of taxonomy in the development of green bonds, stating: “In 2020, there was no such taxonomy in Kazakhstan. We created it using international standards. Kyrgyzstan, Azerbaijan, and Uzbekistan have also laid the groundwork for their taxonomies. However, one of the main challenges to sustainable finance in Central Asia is the lack of a developed capital market, which limits the availability of financial instruments such as green bonds and slows down capital market development. There are also difficulties with standardization.”

Despite these challenges, Kazakhstan has made strides in promoting green energy and sustainable development. On the sidelines of the COP29 summit in Baku, Kazakhstan signed several significant agreements with international companies and development institutions aimed at advancing green energy projects and addressing climate change.

According to reports from Kazakhstani media, the Ministry of Energy of Kazakhstan shared updates on the signed agreements, underscoring the country’s commitment to green energy development. One of the key agreements was a memorandum of understanding signed with the Asian Development Bank (ADB), with the participation of Energy Minister Almasadam Satkaliyev. The document outlines a collaboration to achieve carbon neutrality through the Energy Transition Mechanism (ETM) developed by ADB experts. This framework includes steps to improve energy efficiency and introduce new technologies in electricity and heat generation, with the goal of reducing carbon emissions.

Additionally, Kazakhstan has reached an agreement with the Chinese government to implement renewable energy projects focused on reducing emissions and combating global warming. This collaboration, expected to attract more than $2 billion in investments, is aimed at accelerating the switch to clean technologies and enhancing sustainable energy practices in the region.

Another significant step was the signing of an investment agreement with Abu Dhabi Future Energy Company (Masdar) for the development of a wind farm in the Zhambyl region of Kazakhstan. The expected investment in this project is $1.5 billion, marking a major contribution to the country’s green energy infrastructure.

By Tamilla Hasanova

Caliber.Az
Views: 184

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