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Kazakhstan : Green Climate Fund to assign $110 million for clean energy investments
Publish Date : 11-Oct-2017
The Green Climate Fund (GCF) board has approved up to $110 million in funding for the GCF-European Bank for Reconstruction and Development (EBRD) Kazakhstan Renewables Framework progamme for the promotion of renewable power sources.
The Ministry of Energy said, The GCFs contribution includes concessional financing in the amount of $106 million and $4 million in technical assistance subsidies. The projects are aimed at supporting the Kazakh government in transition to a green economy, including investments in solar, wind, small hydropower and biogas sources and modernisation and strengthening of electrical grids to broaden the renewable energy sources integration.
Minister of Energy Kanat Bozumbayev, noted, Kazakhstan has recognised the need for transition to a green economy. We are contributing to global efforts under the Paris Agreement to address climate change. The country has set an ambitious nationally-determined contribution under the agreement with an emissions reduction target of 15 percent below 1990 levels by 2030. With the support of the GCF and the EBRD, we look forward to scaling up investments in renewable energy and delivering on the countrys green economy transition strategy,
The renewables framework is an innovative plan to fund building and operation of renewable power projects in the Central Asian country. The EBRD Board of Directors passed the EUR 200 million (US$234 million) programme in 2016.
EBRD Energy and Natural Resources for Russia, Central Asia and Caucasus Director Aida Sitdikova, added, The framework builds on eight years of policy and investment work in Kazakhstan. It makes a profound contribution to the scaling up of renewable energy in the country, combined with a strong focus on gender and inclusion and a drive to lay the regulatory foundations for a sustainable renewable energy market in the country.
