Kazakhstan: On the Way to “Greening” the Financial System

Abstract

The global growth trend of “green” economy and “green” finance encompasses more and more countries, including those with emerging markets. Two largest EAEU countries, Russia and Kazakhstan, both being fossil fuels and other raw materials exporters, have increased their efforts in the “green” finance development. This is the reason of Russian interest in the analysis of Kazakhstan experience in this area. The article reveals the policy of the Republic of Kazakhstan in “greening” its financial system. Special attention is paid to the initiatives of the Green Finance Center, established by Astana International Finance Center. The key initiative here is the adoption of Kazakhstan national Green Taxonomy. The article also evaluates the cooperation projects between Green Finance Center and multilateral development banks, Eurasian Development Bank in particular, as well as international organizations such as OECD and UNEP.

The Climate Policy of the Member States of the Eurasian Economic Union: Synchronizing with the Global Climate Change Agenda

“…Thus, Kazakhstan did not update its targets set out in the first NDC of 2015: "not less than 15% excluding the sector of Land Use, Land-Use Change and Forestry (LULUCF) due to energy needs." At the same time, Kazakhstan became the first country not only in the EAEU but also in the whole Central Asian region, which in December 2020 declared to become a carbonneutral country by 2050 (Khudyakova & Urumov, 2021).…”