For Press

15/06/2017

Astana International Financial Centre (AIFC) organized workshop «Green Green Finance system model in Kazakhstan and roadmap for its implementation» in framework of AEF-2017

Astana International Financial Centre (AIFC) organized workshop «Green Green Finance system model in Kazakhstan and roadmap for its implementation» in framework of AEF-2017.

Rae Kwon Chung, 2007 Nobel Peace Prize winner, Advisor to the Chairman of the Group of Leaders and Top-Tier Experts on Water Issues and Natural Disasters at the office of UN Secretary General delivered the welcoming speech at the event.

Jürgen Weisman, member of the AIFCA and EBRD project group "Green Financial System of Kazakhstan", Christian Brüning, member of the AIFC and EBRD project group "Green Financial System of Kazakhstan" and Bakhyt Yessekina, PhD, professor, director of Scientific Research and Education Center “Green Academy” participated in the discussion.

The Managing Director Aidar Kazybayev represented the AIFC.

They discussed such issues as the best world practices of introducing green finance, review of the potential of Kazakhstan's financial sector to support the implementation of the Paris Agreement, assessment of the conditions for investing in the green economy of Kazakhstan, the role of financial centers in the development of green finance

Catullus Helmer, team Leader of the AIFC Project and the EBRD Green Financial System of Kazakhstan moderated the session.  

Christian Brüning, member of the AIFC and EBRD project group "Green Financial System of Kazakhstan" said that within the framework of the project, the "green" standards for financial institutions were divided into three groups depending on their main task: measurement standards, tracking standards and disclosure standards.

"Measurement standards are used to quantify the impact on the environment or to determine the quality of the environment.

Tracking standards are designed to determine how to monitor and report on the state of green finance.

Disclosure standards determine what information should be disclosed for risk assessment," - Brüning concluded.

Green finance is one of the key pillars of the AIFC’s activity.

The AIFC will become a platform for responsible investments and will promote the development of investment into green projects in Kazakhstan.

 

Reference:

AIFC. In December 2015 President of the Republic of Kazakhstan Nursultan Nazarbayev signed the Constitutional law “On the Astana International Financial Centre” (AIFC). The aim of the AIFC is to form a leading international centre of financial services. For the first time in the post-Soviet region, Common law framework will be introduced in the AIFC. English shall be the official language of the AIFC.

The objectives of the AIFC are to attract investment into the economy through the establishment of an attractive environment for investment in the financial services, to develop local capital markets, ensuring their integration with the international capital markets, and to develop markets for insurance and banking services and for Islamic financing in the Republic of Kazakhstan.