Astana, Kazakhstan – February 23, 2024 – The Global Green Growth Institute (GGGI) has initiated the Central Asia Green Bond Accelerator Program, a major step forward in enhancing green projects and sustainable finance across Central Asia. This program, supported by the Government of the Grand Duchy of Luxembourg through the Global Trust Fund (GTF), is designed to strengthen the green finance ecosystems in Kazakhstan and the Kyrgyz Republic. It aligns with Kazakhstan’s “Kazakhstan Carbon Neutrality – 2060” strategy and its transition to a green economy, including its updated National Determined Contributions (NDC), as well as the Kyrgyz Republic’s National Development Programme-2040.
The initiative aims to boost the capabilities of various market participants, encompassing regulators, stock exchanges, national banks, Ministries of Finance, and potential thematic bond issuers from both the private and public sectors. A key component of this project was the “Central Asia: Sustainable Finance Roundtable Workshop” held in Astana, Kazakhstan, on 23 February 2024. This event underscored the critical importance of advancing sustainable finance within the region.
“Kazakhstan needs to incorporate ESG principles within the financial sector to ensure our projects and actions benefit all parties,” expressed Mr. Aidyn Dauletbak, Head of Securities Market Department in the Agency for Regulation and Development of the Financial Market, Republic of Kazakhstan. He welcomed GGGI’s support in developing expertise and monitoring in ESG matters.
Dr. Frank Rijsberman, GGGI Director-General, stated “In fostering sustainable finance in Central Asia, GGGI considers collaboration with key stakeholders in the capital market as a principal element,”. This includes regulators, stock exchanges, policymakers, institutional investors, and financial institutions. He also commended the Kyrgyz Republic’s delegation for their contributions towards elevating Central Asia’s bond market, focusing on enhancing public awareness and meeting internationally recognized transparency reporting standards.
Last year, GGGI, in collaboration with the Kyrgyz Republic’s Ministry of Economy and Commerce, undertook the Fixed Income Market Development Assessment in the Kyrgyz Republic. Presently, as a part of the Central Asia Green Bond Accelerator program, a Sustainable Bond Market Assessment is being conducted in Kazakhstan.
About Global Trust Fund
The “Global Trust Fund on Sustainable Finance Instruments” is a program funded by the Government of the Grand Duch of Luxembourg and implemented by GGGI in partnership with LuxSE. The program aims to help mobilize capital through the issuance of green bonds and other sustainable finance instruments. It will deliver tangible results in developing and emerging countries, creating more than 400,000 jobs, strengthening the adaptive capacity of over 2 million vulnerable people to climate change, and significantly reducing greenhouse gas emissions.