The welcome speech of Odile Renaud-Basso, the President of the European Bank for Reconstruction and Development

It is my pleasure to welcome "Qazaq Green" journal readers to the magazine that continuously promotes and supports the green agenda in Kazakhstan. This is its first issue after the global climate summit, COP 26, held in Glasgow, in which both the EBRD and Kazakhstan took an active part.

At the event, many leaders highlighted the need to take ambitious action to deal with climate change and?move towards a future powered by clean energy. More than 40 countries have committed to phasing out coal. Kazakhstan plays a significant role in the climate arena as one of the first countries in Central Asia to sign the Paris Agreement and announce its ambition to become carbon neutral.

I have visited Kazakhstan twice this year; the first visit was held virtually in March, while I finally stepped on Kazakh territory in September. Despite the travel problems caused by the global pandemic, both visits were productive and established a fruitful base for cooperation on the ‘‘greening‘‘ of the economy.

The EBRD wholeheartedly welcomes the Kazakhstan Government’s decision to reach net-zero emission, and actively supports the government in achieving this ambitious goal. During my first visit to the country, we signed a Memorandum of Understanding with the Minister of Energy, which targets the decarbonization of the power sector, fostering climate resilience, reducing greenhouse gas emissions, and eventually reaching carbon neutrality by 2060. It is greatly encouraging to see the rapid development of the renewables sector in Kazakhstan, helped by great support from the government authorities. We believe that this pace of renewables development could be even more accelerated. This will encourage additional private investment in the Kazakh economy, effectively creating a new industry and jobs and developing new skills among the population.

The development of renewables in Kazakhstan is not only important as a carbon-neutral energy source but also from the perspective of healthcare. Kazakhstan’s reliance (more than 70 per cent of electricity generation) on ageing coal-fired plants accounts for a significant share of emissions and air pollution, which causes high rates of respiratory diseases among the population.

Kazakhstan is rich in natural resources now. And it will be rich in natural resources in 2060. But instead of in coal and oil, its wealth will be in minerals, land, wind and sun. These are the resources that will be of lasting value in a decarbonized world.

Over the last 30 years EBRD has been a dedicated partner to Kazakhstan as it has made its transition into the modern, dynamic country it is today. To date, the Bank has invested US$535 million in 14 renewable projects in Kazakhstan. We are committed to becoming an even stronger partner, investing and mobilising even more in the future green transition.