JSC NC “KazMunayGas” (KMG) and the European Bank for Reconstruction and Development (EBRD) signed a Memorandum of Understanding on strategic cooperation in the field of decarbonization. The aim of the cooperation is to support KMG in reducing its carbon footprint within the approved KMG Low Carbon Development Programme and increase its efficiency, Qazaq Green reports referring to KMG's official website.

The efforts of the parties will be aimed at improving KMG's capacity for reporting in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), as well as to analyze the potential and opportunities for financing low-carbon projects to improve energy efficiency, develop renewable energy, implement pilot projects on low-carbon hydrogen and the use of carbon dioxide capture and storage.

The signing of the memorandum took place on the eve of the 34th Plenary Session of the Foreign Investors Council on the topic: "Decarbonization of the Economy. Implementation of Low-Carbon Technology to Meet Environmental, Social and Governance (ESG) Standards". The signing ceremony was attended by Magzum Mirzagaliyev, Chairman of the Management Board of KMG and Huseyin Ozhan, EBRD Country Director for Kazakhstan.

"We are glad to start a new chapter in cooperation with our long-standing strategic partner - the European Bank for Reconstruction and Development. At the UN Summit on Climate Ambitions, President Kassym-Jomart Tokayev made a statement about Kazakhstan's intention to achieve carbon neutrality by 2060. As you know, KazMunayGas has set a goal to reduce its carbon footprint by 15% by 2031 from the 2019 level. We consider the memorandum in the context of this task and we hope that joint efforts with the EBRD will help strengthen our competencies and achieve a low-carbon future in Kazakhstan," said Magzum Mirzagaliyev, head of KMG.

"The vast majority of states, including Kazakhstan, have agreed to accelerate efforts to achieve the goals of the Paris Agreement and the UN Framework Convention on Climate Change. Sustainable development, decarbonization and renewable energy are no longer buzzwords, but a way of thinking. I am very pleased that KazMunayGas is part of this global green movement and will be working with the EBRD to implement a low-carbon development program," said Huseyin Ozhan, EBRD Country Director for Kazakhstan.