AIFC Green Finance Centre’s Advisor Assel Nurakhmetova spoke at one of the events within the framework of the COP26 Climate Conference held in Glasgow. The Green Finance Centre co-organized the “Unlocking Green Investments” session at the pavilion of Central Asian countries. Assel spoke about the Centre's activities and services, sustainable financing tools in Kazakhstan, the volume of the sustainable bond market in Kazakhstan and the support that the Centre provides to interested parties.
Recall that the 26th session of the Climate Conference of the Parties to the UN Framework Convention on Climate Change is being held in Glasgow, Scotland. This is one of the most important meetings, as it brought together representatives of governments, the scientific community, the financial sector, non-profit organisations and other groups to resolve the issue of the climate crisis. The 26th event is dedicated, in particular, to the progress of the signatories towards the set goals.
Various sessions were devoted to energy, low-carbon development, green finance, the role of society and youth movements in the climate agenda, environmental and social risk management, non-financial reporting of large companies and financial institutions.
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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”.
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.
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