QAZAQ GREEN. The Council on the transition to a green economy, chaired by Prime Minister Alikhan Smailov, convened to address issues related to supporting emerging projects in the renewable energy sector, the press service of Prime Minister reports.

According to Madina Abylkassymova, the Chairperson of the Agency of the Republic of Kazakhstan on Regulation and Development of the Financial Market, Kazakhstan has successfully established the necessary legislative framework for the growth of green financing. Recent developments include the adoption of a new Environmental Code, amendments facilitating the issuance and circulation of green and ESG bonds, and the implementation of disclosure rules for ESG information on stock exchanges like the Astana International Financial Center and KASE.

Kazakhstan's efforts have led to a positive trend in sustainable financing. By November 1 of this year, corporate borrowing on KASE surged to around 208 billion KZT, quadrupling compared to 2021. The banking sector witnessed a 3.5-fold increase in green lending, reaching 220 billion KZT.

As of December 1, Baiterek Holding's total direct support for green projects reached 177.5 billion KZT. Notably, the Development Bank of Kazakhstan backed seven major investment projects in renewable energy, amounting to 118 billion KZT. Qazaqstan Investment Corporation JSC contributed to various projects, allocating 11.1 billion KZT for the construction of solar and hydroelectric power plants. Damu Fund, another subsidiary, supported 91 green projects with 7.4 billion KZT.

Since 2018, the Industry Development Fund JSC has been financing the renewal of the bus fleet, supporting domestic automakers. This includes the funding of 120 electric city buses in Astana and 10 buses in Pavlodar. The gradual replacement of outdated vehicles with eco-friendly transport is set to continue.

Agrarian Credit Corporation JSC, in the first half of the year, backed 15 green projects, providing funding exceeding 2 billion KZT. These projects span areas such as the establishment of irrigation systems and the development of intensive orchards.

Prime Minister Alikhan Smailov emphasized that the significant economic transformation necessitates an increase in green investments. To achieve carbon neutrality by 2060, financing exceeding $600 billion is required. Thus, there is a call to intensify efforts in attracting investments in green technologies. The Prime Minister instructed an analysis of barriers hindering green project implementation, an acceleration of mandatory disclosure requirements for green finance, and the inclusion of relevant indicators and measures in the action plan of the Concept for the transition to a green economy.