Astana took the first place in the Global Green Finance Index among the countries of Eastern Europe and Central Asia for the fifth time
In the published 10th edition of the Global Green Finance Index (hereinafter – GGFI), Kazakhstan, represented by the Astana International Financial Centre (hereinafter – AIFC), took first place among the countries of Eastern Europe and Central Asia for the fifth year in a row.
GGFI 10 evaluates 84 financial centres around the world, combining assessments of the depth and quality of green financing in these centres from financial specialists with quantitative data that form instrumental factors.
GGFI is an assessment index based on a number of instrumental factors – quantitative indicators and a worldwide survey of financial professionals’ assessments of the quality and depth of green financing offers in financial centres. GGFI serves as an indicator of the development of green finance for policy and investment decision makers.
The AIFC Green Finance Centre (hereinafter – GFC) has been established in Kazakhstan for the development of green finance, which is engaged in the introduction and development of sustainable financing tools and attracting investments in environmental and social projects in Kazakhstan and Central Asia. GFC introduced the definitions of green finance and green taxonomy (a classifier of economic activities and projects that meet technical selection criteria) into national environmental legislation.
In the overall GGFI rating, Kazakhstan ranks 54th in the world.
Reference:
The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus.
The AIFC Green Finance Centre is a subsidiary organisation of the AIFC Authority and the Eurasian Development Bank, aimed at introduction and development of sustainable finance instruments and attracting of investments in environmental and social projects in Kazakhstan and Central Asia.
The AIFC Green Finance Centre supported the very first issuance of green bonds and first verified green loan in Kazakhstan. Also, the Centre introduced definitions of green finance and green taxonomy (a classifier of economic activities and projects that meet technical selection criteria) in the national environmental legislation. The new legislation provides incentives for entrepreneurs who use green finance instruments.
