The AIFC Green Finance Centre is involved in the promotion of the Sustainable Development Goals in Kazakhstan
In the summer of 2022, Kazakhstan, represented by the Economic Research Institute (ERI), plans to present the second Voluntary National Review (VNR) regarding the implementation of the five highest priority sustainable development goals of the UN at the high-level political forum on sustainable development.
In this regard, on February 16, under the auspices of the Ministry of National Economy of the Republic of Kazakhstan, the UN Development Program in Kazakhstan, as well as the Institute for Economic Research JSC, the first discussion of the VNR project was launched with the participation of representatives of central and local government bodies, non-governmental organizations of Kazakhstan, the business community, international organizations, and scientific experts.
During the presentation of the second draft of the VNR, the Deputy Director of the Secretariat for SDGs spoke about the progress in the implementation of the sustainable development goals and targets set for the country in the previous edition of the Voluntary National Review.
In turn, the representative of the AIFC Green Finance Centre – Director of the Integration Development Department Asanseitova Saadat, participating in the meeting, noted the important role of green finance as a tool for the implementation of the above goals, since 7 out of 17 SDG goals are directly related to the environment and climate issues in general.
The Green Finance Centre, for its part, actively promotes these tools throughout the Eurasian region and has already established a favorable environment for the development of “green” projects. In addition, the GFC representative noted the high interest of foreign investors in the mechanisms of “green” finance present in the region, as well as the ability of the AIFC platform and the AIX to attract these funds.
Equally, the importance of environmental and “green” issues, as well as the importance of Kazakhstan’s implementation of the Paris Agreement, was noted by representatives of the civil alliance and the “Center for Applied Economics Research” and many other participants in the meeting.
In turn, during the meeting, an online vote was held to determine the five highest priority SDG goals for the Kazakhstani society, which, as noted earlier, will be presented in the summer of this year.
According to the voting results, SDG 13 “Combating climate change”, along with other goals, received a significant number of votes at a percentage of 38.1%. Also voting leaders were SDG 4 “Quality education” (56.1%), SDG 3 “Good health and well-being” (49.6%), SDG 6 “Clean water and sanitation” (49.6%), SDG 1 “No poverty” (47.5%).
Based on the results of the discussion, the Centre, together with the Institute for Economic Research, intends to continue active cooperation for the full and comprehensive preparation of the second draft of the VNR.
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The Astana International Financial Centre 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 Centre’s development strategy until 2025 was approved by the Management council of the AIFC during the council’s meeting on July 2, 2020. 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 to assist 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 sustainable development of the AIFC include the development of a circular economy, financial technologies and a “digital financial centre”.
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.
The Institute for Economic Research is a state research institution that studies the problems of the integrated development of the economy of Kazakhstan. The activities of the Institute are aimed at providing scientific support for the implementation of the country’s economic strategy, analyzing the state of the economy, and forecasting its development for the future, promoting sustainable economic growth, and improving the level and quality of life of the population.
