Kazakhstan secures over $3.5 billion for green energy at COP29 PHOTO

At COP29 in Baku, Kazakhstan secured over $3.5 billion in investments for green energy projects.

During the summit, Kazakhstan signed several key cooperation agreements with international organizations and companies focused on advancing clean energy, Caliber.Az reports via Kazakh media.

One notable agreement was a memorandum of understanding with the Asian Development Bank (ADB), which was signed with the participation of Kazakhstan's Energy Minister Almasadam Satkaliyev. The memorandum aims to support Kazakhstan’s carbon neutrality goals through the ADB’s Energy Transition Mechanism (ETM), which includes initiatives to enhance energy efficiency and adopt new technologies in electricity and heat generation.

Additionally, Kazakhstan entered into an agreement with the Chinese government to collaborate on renewable energy sources (RES) projects, focusing on combating climate change, transitioning to clean technologies, and reducing emissions. These projects are expected to attract investments exceeding $2 billion.

Kazakhstan also signed an investment agreement with Abu Dhabi Future Energy Company (Masdar) for a wind farm project in the Zhambyl region, with an anticipated investment of $1.5 billion.

COP29, which is taking place from November 11 to 22 at Baku Stadium, marks Azerbaijan’s largest international event to date, as it hosts the first COP summit in the region. During the summit, key agreements were made, including a Host Country Agreement between Azerbaijan’s government and the UN Framework Convention on Climate Change Secretariat.

The summit includes a prominent World Leaders' Summit on Climate Action held on November 12-13, with the primary goal of establishing a fair and ambitious New Collective Quantitative Goal (NCQG) for climate finance.

The Azerbaijani COP29 Presidency has introduced 14 strategic initiatives connecting climate action to the Sustainable Development Goals. These initiatives cover areas such as green energy corridors, advanced energy storage, climate resilience, clean hydrogen, methane reduction from organic waste, and green digital technologies. A proposed Climate Finance Action Fund is also part of the strategy.

The establishment of climate finance mechanisms is crucial to achieving the 1.5°C climate goal, which remains a top priority for Azerbaijan. The country’s strong commitment to environmental protection and climate change mitigation is evident in its actions.

Azerbaijan’s unanimous selection as the host of COP29 by the UN Framework Convention on Climate Change Conference of the Parties highlights the international community’s trust and respect for the nation. President Ilham Aliyev affirmed that this honour reflects global confidence in Azerbaijan’s leadership and capabilities.

By Tamilla Hasanova