EBRD to help Kazakhstan develop “green” financial system

The European Bank for Reconstruction and Development (EBRD) is taking the first step towards developing a “green” financial system in Kazakhstan in partnership with the Astana International Financial Centre (AIFC), the EBRD press service said May 27.

The agreement to commission a scoping study for the development of a green financial system in Kazakhstan has been signed by the EBRD President Suma Chakrabarti and the AIFC Governor Kairat Kelimbetov.

The study, scheduled to be completed in 2017, will assess the demand for green investments, identify gaps in current regulations, and make recommendations for the introduction of green financing standards and for the development of the green bonds market and carbon market services.

The development of a green financial system would be consistent with the Paris Agreement (COP21), aligning financing flows with a pathway towards low greenhouse gas emissions and climate resilient development.

Kazakhstan is implementing the concept of transition to a “green” economy. It aims to improve the quality of the environment by reducing emissions of harmful substances and reduce waste, and involves the creation of new technologies.

Source: Trend