QAZAQ GREEN. On 25 December, the Eurasian Development Bank (EDB) and the Qazaq Green Renewable Energy Association (Qazaq Green) have signed a Memorandum of Cooperation to facilitate research and exchange information on renewable energy projects, among other initiatives.

The document was signed by Azamat Tyuleubai, Senior Managing Director and Head of the EDB Project Unit, and Nurlan Kapenov, Chairman of the Board of Directors at Qazaq Green.

Kazakhstan is a leader in renewable energy in Eurasia. Expanding renewable energy sources is a critical component of the country’s socio-economic development. Currently, renewable energy plants account for approximately 6.5% of Kazakhstan’s electricity generation.

“Financing green energy is a priority for the Bank. The EDB actively invests in such projects and has provided funding for the construction of over 300 MW of solar power plants and approximately 250 MW of wind farms in Kazakhstan,” said Azamat Tyuleubai.

The EDB 2022–2026 Strategy outlines the implementation of a key investment mega-project to develop the Central Asian Water and Energy Complex, aimed at fostering water and energy cooperation in the region while addressing national socio-economic challenges in the member countries. Green integration projects are among the EDB’s top priorities in Kazakhstan.

Qazaq Green contributes to fostering the development of renewable energy in Kazakhstan, promoting a green economy and ensuring transparent legal regulation. The association represents and advocates for the interests of green energy stakeholders, uniting investors, developers, equipment manufacturers, international financial institutions and universities.

“Cooperation with international financial institutions such as the Eurasian Development Bank is an important factor for the successful decarbonisation of the energy sector. Currently, only a limited group of financial institutions are involved in funding renewable energy projects, which are inherently long-term infrastructure initiatives. In this context, the signing of this memorandum between Qazaq Green and the EDB will give momentum to the development of renewable energy in our country,” emphasised Nurlan Kapenov.

The EDB and Qazaq Green share a commitment to achieving the United Nations Sustainable Development Goals and carbon neutrality in Kazakhstan. The memorandum is a significant milestone in their collaboration and is expected to help increase the share of renewable energy in Kazakhstan’s energy mix while promoting clean energy trade across Eurasia.

The Eurasian Development Bank (EDB) is a multilateral development bank investing in Eurasia. For more than 18 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, industry and mechanical engineering, as well as water and energy. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.

The Qazaq Green Renewable Energy Association is a non-governmental association dedicated to advancing renewable energy in Kazakhstan. It unites investors, developers and equipment manufacturers, alongside international financial institutions and research and design organisations. A key objective of Qazaq Green is to participate in the rule-making process and represent the renewable energy business community at various levels. The association publishes an industry magazine titled QazaqGreen and hosts Qazaq Green Fest, an international renewable energy festival. Today, Qazaq Green serves as a key centre of expertise on renewable energy development in Kazakhstan for both government authorities and the business community.