Kazakhstan attracts $3.7 billion worth of investment in green energy sector

Kazakhstan has attracted nearly $3.7 billion in green energy investments. The relevant documents, signed at the COP29 global climate summit in Baku, include a memorandum of understanding between the Kazakh Energy Ministry and the Asian Development Bank (ADB) on cooperation in achieving carbon neutrality goals through the ADB’s Energy Transition Mechanism. It aims to expand renewable energy use, improve energy efficiency, and introduce new technologies in energy production. Another agreement was signed with China, which involves renewable energy projects, with investors set to build four facilities totaling 22 gigawatts by 2035. A company from the UAE will also invest $1.5 billion in a new wind power plant in the Zhambyl region.

«The availability of these technologies and solutions in Kazakhstan will indicate real achievements toward reducing the carbon footprint and advancing carbon-free development goals. Our agenda includes renewable energy projects across wind, solar, biogas, and both small and medium-sized hydroelectric power plants. Overall, this will create a diversified portfolio,» said Kazakh Energy Minister Almasadam Satkaliyev.

Currently, 148 renewable energy sources provide 6.6% of Kazakhstan’s electricity generation. Experts anticipate raising this to 30% by 2030 and 50% by 2050.

«The expected electricity exports will drive the growth of renewable energy sources throughout Kazakhstan, attracting more investment. This is very good for the economy. Secondly, we are giving a signal to both Kazakh businesses and foreign investors that opportunities for developing these technologies are accessible in Kazakhstan. With a supportive legislative and institutional framework, these projects can now be rapidly scaled and made highly appealing,» noted Zhakyp Khairushev, managing director of the Atameken National Chamber of Entrepreneurs.