NUR-SULTAN – The European Bank for Reconstruction and Development (EBRD) will support Kazakhstan’s financial institutions in developing and implementing guidelines and rules for the transition to a low-carbon and climate-resilient economy, reported the EBRD’s press service.
Within the framework of the memorandum of understanding between the Bank and the Agency of Kazakhstan for Regulation and Development of the Financial Market (ARDFM), the parties conducted coordinated work to promote environmental, social and governance (ESG) standards and proper corporate climate governance (CCG).
ESG standards imply ecological safety, social responsibility and effective corporate governance of the company. Compliance with the principles of sustainable development will create conditions for attracting socially responsible investors.
The partnership with the bank provides financial regulators with the opportunity to observe the best international ESG and CCG practices. EBRD Vice President Alain Pilloux noted that cooperation is aimed at improving ESG standards and strengthening climate risk management, increasing transparency and disclosure, as well as accessibility to global practices. “This engagement demonstrates our continued support for the economy of Kazakhstan and our commitment to driving forward the green economy,” the EBRD Vice President said.
The EBRD is a strategic partner of Kazakhstan and the country’s leading institutional investor. This year, Kazakhstan and the EBRD mark the 30th anniversary of their cooperation. Over three decades of partnership, 295 projects worth more than $10.3 billion have been implemented, and over the previous year, agreements on joint projects worth $600 million were signed.
Further cooperation will be carried out within the framework of the new EBRD Country Strategy for Kazakhstan for 2022-2026. The document includes cooperation between the parties to improve the competitiveness of private entrepreneurship, support green policy and carbon neutrality, as well as to promote economic integration and gender equality in the private sector.