ASTANA – ESG, which stands for environmental, social and governance, is no longer a reputational issue but a market access requirement, and companies that adapt quickly will gain competitive advantage, according to Nadira Abenova, ESG Specialist at the Export Credit Agency of Kazakhstan.
Nadira Abenova. Photo credit: personal archive
The Export Credit Agency supports non-resource-based exports in priority sectors through credit guarantees and insurance while excluding fossil fuel and coal mining projects.
“Today, ESG is no longer just about good practices. It has become a requirement of markets, investors, and partners. A company’s access to financing and export markets directly depends on how well it complies with these criteria,” Abenova said.
According to her, how a company approaches ESG directly affects its access to export markets and cost of financing.
“For instance, Europe is implementing the Carbon Border Adjustment Mechanism. This means that a product’s carbon footprint directly affects its price and competitiveness. For an exporter, this is no longer an abstract topic, but a tangible cost factor,” she said.
Abenova described the agency’s role as helping businesses “become more sustainable and competitive in international markets.”
“In simple terms, we cover the key risks that businesses face when entering export markets. The agency insures export transactions and assumes the risk of non-payment, verifies the reliability of foreign buyers, helps secure financing and bank guarantees, supports working capital and investment projects, and finances foreign buyers. The agency also insures loans, leasing, and investments, providing project support at all stages,” Abenova said.
Besides commercial risks, there are also political risks, such as restrictions on fund transfers, political instability and changes in legislation.
“Our portfolio largely consists of companies from the metallurgy, chemical, and food industries. These products are in demand abroad, and our task is to help them meet new requirements, including environmental standards. In fact, we act as a bridge between Kazakhstan’s business community and the international ESG agenda,” she said.
Kazakh exporters that meet ESG standards can receive up to a 10% discount on export insurance premiums under a program offered by the Export Credit Agency.
“The client submits an application for insurance [loan, project finance, or leasing]. If it is an investment project with a tenor of two years or more, an ESG assessment is conducted. The client fills out a questionnaire. The agency conducts an analysis and, if the criteria are met, grants a discount of up to 10%,” Abenova explained.
“This is a fundamentally important point: ESG ceases to be an expense and becomes a way to reduce costs and increase business sustainability,” she added.
For the agency itself, integrating ESG principles has been a gradual transformation.
“It was a gradual and largely independent process. We did not start with ready-made solutions – they simply did not exist, especially given the specific nature of an export credit agency,” Abenova said.
The first phase entailed examining internal processes from assessing the agency’s own environmental impact to optimizing resource consumption.
“Next, we began actively studying international experience: the practices of other export credit agencies and recommendations from international organizations. This provided us with a methodological foundation, but the key task was to adapt these approaches to the Kazakhstan market,” she explained.
The agency is part of the United Nations-convened Net-Zero Export Credit Agencies Alliance and participates in the Green Investment Principles, a voluntary set of guidelines designed to encourage environmentally sustainable and climate-friendly investments. It also signed the Target Setting Protocol.
“However, it is crucial that we do not blindly copy these approaches, but adapt them instead. Our goal is to ensure a gradual transition of business to the new requirements without creating an excessive regulatory burden,” she added.
The agency sees the climate agenda as an opportunity, one that enables green projects, enhances energy efficiency, and opens up new export destinations.
“Since 2025, we have been implementing a climate transition strategy. We plan to gradually introduce climate risk assessments, especially considering that Kazakhstan has regions prone to floods, droughts, and other natural risks,” Abenova said.
Abenova believes companies need to keep up with the pace of changes and adapt as soon as they can.
“Companies working with the EU are already facing carbon footprint requirements and are adapting faster. Others are just starting, and here it is crucial not to lose time. Those who begin now gain a serious competitive advantage,” she said.
