The Qazaq Green Association of Renewable Energy Sources introduced the inaugural Kazakhstan's voluntary carbon standard, the Qazaq Green Certificate Programme, at the Ministry of Ecology and Natural Resources of the Republic of Kazakhstan.

The presentation, hosted by the Qazaq Green Association of Renewable Energy Sources, featured the participation of the Minister of Environment and Natural Resources Yerlan Nyssanbayev. The Minister highlighted that the domestic emissions trading system encompasses a limited number of economic sectors, leaving many private sector companies without the opportunity to reduce their carbon footprint. Simultaneously, the global market for voluntary offsets is expanding, holding significant potential for the future.

Recognizing the importance of President Kazakhstan's goal to achieve carbon neutrality by 2060, the Qazaq Green Association of Renewable Energy Sources decided to establish a voluntary standard for carbon offset mechanisms, aiming to reduce greenhouse gas emissions and contribute to the fight against climate change.

Carbon offsets play a crucial role in combating climate change, enabling companies to support decarbonization beyond their own carbon footprint and hastening the transition to decarbonization. Private companies outside Kazakhstan's trading system lack the means to confirm their commitment to ESG principles and offset their carbon footprint with carbon units. The Qazaq Green Certificate Programme will now empower individuals and corporations to participate in the fight against climate change through the acquisition of voluntary offset units.

"There is a growing demand for projects that reduce carbon footprints within the country's business community following the commitment to carbon neutrality. Telecom and IT companies, the banking sector, and medium-sized businesses in the services sector—all of which are interested in integrating ESG principles into their corporate policies," stated Nurlan Kapenov, Chairman of the Board of Directors of the Qazaq Green Association of Renewable Energy Sources.

The presentation was attended by representatives from ENI, TotalEnergies, Polymetal Eurasia, Forte Bank, the Kazakhstan Electricity Association, and the ESGQ rating agency. Participants expressed the view that, currently, due to the underdevelopment of the voluntary offset market in Kazakhstan, companies are compelled to enter foreign markets. In response, the launch of the first domestic voluntary offset standard aims to fill this gap and contribute to achieving carbon neutrality.

Following the meeting, participants endorsed the initiative to launch the Qazaq Green Certificate Programme for voluntary offsetting, with the presentation scheduled on the sidelines of the 28th Conference of the Parties to the UN Framework Convention on Climate Change in Dubai (COP-28).