The 3rd annual Green Growth Forum was held on July 2-3 in a virtual format within the framework of the Astana Finance Days conference
The discussion at the forum was centered on how Kazakhstan will achieve carbon neutrality by 2060 in the context of government, business and society, as well as the introduction of green investment principles in Central Asia.
This year's edition of the Green Growth Forum weas headlined by recognized experts from near and far abroad: Dr. Ma Jun, Chairman of the China Committee on Green Finance, former Chief Economist of the People's Bank of China, Kumi Kitamori, Head of the Department of Green Growth and Global Relations, Environmental Management, OECD, James Zhang, Head of the Governing Council of the United Nations Sustainable Stock Exchanges Initiative, Yasin Anwar, Head of the Green Investment Principles for BRI Regional Office for Central Asia, former Head of the State Bank of Pakistan, Tracy Wong Harris from Standard Chartered and many others.
The first day of the forum saw participants discussing topical issues of mobilizing financing to achieve carbon neutrality, the Principles of Green Investment for the Belt and Road initiative and featured the second Green Finance Awards 2021 ceremony.
Yasin Anwar, Head of the regional office of the Green Investment Principles for the Belt and Road for Central Asia, to be run through AIFC Green Finance Centre, said: «The Central Bank and Regulators need to lead in strengthening the financial sector against environmental risk. We need to enhance environmental risk management in our financial institutions and elevate sustainability related disclosures».
The banking sector was represented at the Forum by the Chairman of the Board of the Eurasian Bank, Valentin Morozov, who spoke about the joint project of the bank, the AIFC Green Finance Centre and MasterCard.
«Аs society realizes that climate change is already affecting each of us and will only increase, a wider class of investors is emerging, including both global pension funds and private investors who invest mainly in securities with a green agenda. Our bank started by issuing an eco-card, the first payment card in Kazakhstan made of recycled plastic with a green cashback. A charge on transactions will accrue to the Eurasian Environmental Fund for greening cities, to make up for carbon pollution».
Green Talks speakers from Total, the EBRD, E&Y and Kazatomprom, mediated by the head of the Climate Bonds Initiative, Sean Kidney, delved into the opportunities and economic consequences of climate policy, in particular, the introduction of a border tax on carbon emissions and low-carbon policies of large companies.
Many speakers and participants of the event noted that with the entry into force of the new Environmental Code of Kazakhstan and related measures for its implementation proposed by AIFC Green Finance Centre Ltd, including the green taxonomy, green projects in Kazakhstan will enjoy additional incentives for development.
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The Astana International Financial Centre (AIFC) was created by the initiative of the First President of the Republic of Kazakhstan, Leader of the Nation, Nur-Sultan Nazarbayev as part of the “100 steps to implement five institutional reforms” national program. The Management council of the AIFC during the council’s meeting on July 2, 2020 approved the Centre’s development strategy until 2025. In accordance with the strategy, the vision of AIFC is in becoming the leading financial centre in the region that includes Central Asia, the Caucasus, EAEU countries, western China, Mongolia, and Eastern Europe.
The mission of the AIFC is in assisting the sustainable and long-term development of the region. As the head of state Tokayev noted, “AIFC, with its unique opportunities, can act as a universal platform that connects the countries in the region.” The strategic directions for the sustainable development of the AIFC include the development of a circular economy, financial technologies, and “digital financial centre.”
For more information about the AIFC, follow the link www.aifc.kz
The AIFC Green Finance Centre is an AIFC Organisation created to enable the development of green finance in Kazakhstan and Central Asia. The main goal is to bring investments to sustainable economy through trending financial instruments, such as green and social bonds. In addition to that, the AIFC Green Finance Centre, being a regional think-tank, provides strategic and business consulting in green finance and sustainable development to Governments, quasi-state organisations and entrepreneurs. The Centre provides initial assistance to potential issuers, investors and market players on preparations for the issuance of green bonds on the AIFC Exchange (Astana International Exchange).
Eurasian Environmental Fund. The non-profit organization "Eurasian Environmental fund" was registered on May 13, 2021, in AIFC jurisdiction with the aim of implementing green projects in Kazakhstan to contribute to the country's carbon neutrality and sustainable development goals. The Fund was founded by the AIFC Green Finance Center Ltd, Kazakhstan Biodiversity Conservation Fund and Green Investment Group LLP.
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