EU backs Kazakhstan’s technique to achieve carbon neutrality by 2060

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Hoping to develop into a regional renewable vitality chief in Central Asia, Kazakhstan and the European Bank for Reconstruction and Development (EBRD) have signed an accord to develop a long-term cooperation technique to achieve carbon neutrality of the nation’s energy sector by 2060.

Kazakhstan’s Energy Minister Nurlan Nogayev and EBRD President Odile Renaud-Basso signed the roadmap for the decarbonisation technique on March 31.

The EBRD and Kazakhstan will cooperate, amongst different issues, on the event of renewable vitality and the carbon market, the enhancement of {the electrical} grid and the decommissioning of outdated thermal capability, the Bank mentioned, including that the EBRD is dedicated to financing renewable vitality initiatives applied by way of an public sale mechanism with a purpose to promote aggressive pricing and to stimulate funding in renewable vitality.

“We are pleased to help Kazakhstan develop its energy sector in line with the global decarbonisation agenda,” Renaud-Basso mentioned. “Our partnership in the area of sustainable energy began over a decade ago and, based on the country’s achievements to date, Kazakhstan is right on track to achieve the new ambitious target of carbon neutrality.”

For his half, Nogayev mentioned longstanding cooperation with the EBRD helps Kazakhstan obtain its improvement targets within the vitality sector. “Jointly, we search for innovative solutions to enable the sector’s sustainable development and this is an important foundation for our present and future work. Today’s memorandum will shape our cooperation for years to come,” the Kazakh Energy Minister mentioned.

The EBRD is supporting the nation’s renewable vitality drive, with 14 initiatives price $535 million financed so far.

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