Climate Bonds Initiative accredited AIFC Green Finance Centre
On 23 June 2022 GFC was included in the list of accredited verifiers by an international organization that defines green finance standards globally, the Climate Bonds Initiative. GFC is the only institution in Central Asia recognized by two major international organizations developing sustainable financing principles and taxonomies across the world (ICMA and Climate Bonds Initiative), as well as by the London Stock Exchange for bonds traded under the Sustainable Bond Market (SBM) label.
The status of an accredited verifier allows GFC to verify an issuer’s green bond policy and related projects against the CBI Standard and Taxonomy under the Initiative’s Certification Scheme. Thus, green bonds of companies that are positively assessed by an accredited verifier, subject to confirmation from the CBI Board, are recognized as certified issues under the CBI Standard.
The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds, loans and other debt instruments. Rigorous scientific criteria ensure that it is consistent with the goals of the Paris Climate Agreement. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.
AIFC Green Finance Centre has been providing external review services for sustainable bonds and loans since 2020. Among the largest projects reviewed by GFC were a green loan from Halyk Bank in the amount of 7.9 billion tenge, as well as green bonds of Samruk-Energy in the amount of 18.4 billion tenge. 60% of green bonds and loans in the Republic of Kazakhstan were externally reviewed by AIFC Green Finance Centre.
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. www.aifc.kz
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. www.gfc.aifc.kz
