EBRD head: We applaud Kazakhstan's efforts towards 'green' future

ASTANA. KAZINFORM President of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti addressed a Session of the Foreign Investors' Council in Astana and spoke about the joint efforts of Kazakhstan and the bank in developing green economy, Kazinform correspondent reports.

"We are the largest investor in renewable energy projects in 37 countries. In total, our investments in the green economy, including energy efficiency in Kazakhstan, amount to $1.9 million, and $2.2 million in Central Asia. Kazakhstan is a part of this work and the energy of the future and it plays a central role. Sometimes, it seems that - Kazakhstan and the EBRD together - write a new chapter of history almost every day. For example, on the first day of the EXPO-2017 exhibition, we agreed on the basic principles for the construction of a wind farm in East Kazakhstan. On the second day, the largest fleet of solar batteries was launched. This suggests that Kazakhstan needs a new funding framework. We applaud Kazakhstan for the active role it plays in global efforts to implement the provisions of the Paris Accord - emissions will decrease by 15% by 2030 compared to 1990. We are also committed to this course," said the head of EBRD.

At the same time, Mr. Chakrabarti stressed that excessive reliance on oil and gas reserves is a challenge for the Kazakh economy. "However, from our point of view, Kazakhstan is a regional leader in developing green economy legislation, investing in renewable energy sources. And here we provide active support on our part. We signed an agreement with the Ministry of Energy of Kazakhstan that will allow us to attract much more investment in renewable energy projects - for 300 megawatts only this year," he said.

Suma Chakrabarti said that EBRD is currently helping Kazakh Government to attract investments in "green" energy. "But investments, on their own, cannot solve problems. Kazakhstan continues to be one of the largest emitters, the economy is very energy intensive. We put a lot of effort into Kazakhstan, Kazakhstan is the largest market after Turkey. Last year, $1.2 million were invested in Kazakhstan. I believe the range of our projects in the future of the will grow, and we will continue our investments. For example, very soon we will start working on another solar station. We hope to build it right in the center, not far from the Baikonur cosmodrome," Mr. Chakrabarti concluded.