Kazakhstan Inks Green Energy Cooperation Deals Worth $3.7 Billion at COP29

Photo: gov.kz

Kazakh Energy Minister Almasadam Satkaliyev signed several agreements totaling nearly $3.7 billion on November 13, focused on green energy development and climate action.

The deals were made during the World Leaders Climate Action Summit, held as part of the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Baku, The Caspian Post reports, citing The Astana Times.

As stated by the ministry’s press service, a memorandum of understanding signed with the Asian Development Bank (ADB) envisages collaboration through the ADB Energy Transition Mechanism, focusing on phasing out coal-fired plants, boosting renewables, improving energy efficiency, and introducing new technologies in electricity and heat production.

Satkaliyev also reached an agreement with the Chinese government on interaction in the fight against global warming through the promotion, development, and implementation of projects in renewable energy sources, sustainable development in Kazakhstan, the transition to eco-friendly technologies, and the reduction of emissions. These projects are expected to attract over $2 billion.

With Masdar, also known as the Abu Dhabi Future Energy Company, Satkaliyev signed a $1.5 billion investment agreement for a wind power plant project in the Zhambyl Region. This document was concluded as part of the intergovernmental agreement signed with the United Arab Emirates on developing renewable energy projects, implementing a green transition, reducing carbon emissions, and combating climate change.

Satkaliyev expressed the intention to continue cooperation within new initiatives in the energy sector during a series of meetings with the UN Economic Commission for Europe and Saudi Arabia’s ACWA Power, the world’s largest private water desalination company.