"This collaboration underscores the EBRD’s commitment to supporting Kazakhstan’s green transition and its efforts to modernize the energy sector."
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The European Bank for Reconstruction and Development (EBRD) and Kazakhstan have reached an agreement to develop a comprehensive long-term cooperation strategy, with the goal of achieving carbon neutrality in the country’s power sector by 2060, according to Huseyin Ozhan, EBRD Managing Director for Central Asia.
According to Ozhan, this collaboration underscores the EBRD’s commitment to supporting Kazakhstan’s green transition and its efforts to modernize the energy sector.
"We are working closely with Kazakhstan to achieve the carbon neutrality of the power sector by 2060," he said. "As part of this, the EBRD is the largest investor in Kazakhstan’s renewable energy sector, and we are focusing on integrating new renewable energy capacity into the national grid".
The EBRD’s involvement extends beyond investments in green energy. The Bank is collaborating with Kazakhstan Electricity Grid Operating Company (KEGOC) to improve the country’s electricity grid infrastructure, making it more adaptable to renewable energy sources. This collaboration is critical to the successful integration of renewable energy into the grid and to maintaining a stable energy supply as Kazakhstan moves toward its carbon-neutral goal.
In addition to its work with KEGOC, the EBRD is actively involved in several green initiatives throughout the country. "We are particularly proud of the EBRD Green Cities program, which is being implemented across Kazakhstan," Ozhan noted. "Additionally, the $150 million Kazakhstan Green Economy Financing Facility II, launched last year, is already helping hundreds of companies and thousands of households modernize production, increase energy efficiency, and improve climate resilience".
The EBRD’s commitment to sustainable development aligns with its broader global strategy. "All of our operations are Paris-aligned as of the end of 2022," Ozhan added. "Several years ago, we adopted a Green Economy Transition (GET) approach, under which we pledged to scale up climate and environmental finance to more than 50% of our annual investment by 2025".
The EBRD has made significant strides in green finance, with every project it finances in Kazakhstan incorporating a strong green element. "We can safely say that all projects we finance in Kazakhstan have a significant green component," Ozhan concluded, reaffirming the Bank’s dedication to promoting environmental sustainability in the region.
