Kazakhstan to attract billions of dollars in green energy investments

According to the Ministry of Energy of Kazakhstan, the country will attract $3.7 billion in investments to develop its green energy sector, as the agency signed several memorandums and agreements on the sidelines of the UN Climate Change Conference in Baku.

These arrangements include a $2 billion agreement with China on renewable energy source (RES) projects. The two countries are working together to fight global warming by switching to eco-friendly technologies and reducing emissions.

Kazakhstan has also entered into a $1.5-billion agreement with Masdar, a UAE-based renewable energy company, which is expected to be engaged in the construction of a wind power plant in the Zhambyl region.

Kazakhstan’s Minister of Energy Almasadam Satkaliyev vowed to continue green energy cooperation with Acwa Power, a power company headquartered in Saudi Arabia, as well as the Eurasian Economic Commission, the UN and the Asian Development Bank (ADB). He also added that Kazakhstan is actively modifying its legal framework to make the RES sector more appealing to investors.

In addition, at the same conference, leaders of Kazakhstan, Uzbekistan and Azerbaijan signed an agreement establishing a strategic partnership for green energy production and transmission. President Kassym-Jomart Tokayev noted that this collaboration would enable the integration of the three countries’ energy ecosystems and support the creation of reliable supply corridors for the transit of green energy to Europe and other international markets. As a key transit hub, Kazakhstan is expected to play an important role in this process.

«The practical outcomes of this agreement will also facilitate the development of the Middle Corridor as a ‘green bridge’ connecting our economies. Close cooperation in this crucial sphere will encourage the three countries to share experiences and advanced technologies and strengthen our energy security,» Tokayev said.

He also noted that Kazakhstan has secured agreements with international partners to implement various green energy projects with a combined capacity of 43 gigawatts.

Earlier at the conference, Kazakhstan’s Ministry of Energy signed a memorandum of understanding with the ADB to accelerate the phase-out of coal-fired power plants and to expand RES. This initiative aims to significantly reduce Kazakhstan’s greenhouse gas emissions as the country moves toward its goal of carbon neutrality by 2060. Kazakhstan plans to achieve this goal by increasing the share of RES from the current 6% to 50%, alongside a substantial reduction in fossil fuel use.