Kazakhstan has been given a $110million boost to its renewables sector.
The Green Climate Fund (GCF) has approved the funds for Kazakhstan Renewables Framework,.
It is earmarked for the construction and operation of renewable energy projects in the Central Asian country.
The framework was approved by the European Bank for Reconstruction and Development board of directors in December 2016 for a total volume of €200 million.
The funds will support investments in solar, wind, small hydropower and biogas energy sources and the modernisation and strengthening of the electricity grid in order to enhance the integration of renewable energy sources.
The GCF contribution comprises $106 million in concessional finance and US$ 4 million in technical assistance grants.
Kanat Bozumbayev, Kazakhstan’s energy minister, said: “Kazakhstan has recognised the need for transition to a green economy. We are contributing to global efforts under the Paris Agreement to address climate change.
“The country has set an ambitious Nationally Determined Contribution, under the agreement, with an emissions reduction target of 15 per cent below 1990 levels by 2030.
“With the support of the GCF and the EBRD we look forward to scaling up investments in renewable energy and delivering on the country’s green economy transition strategy.”
Recommended for you
