Green finance market development and taxonomy - Kazakhstan's priorities at COP29 in Azerbaijan

Kazakhstan places significant expectations on the upcoming COP29, set to take place in November 2024 in Baku, Azerbaijan, Saule Sabieva, director of the Climate Policy Department of the Kazakh Ministry of Ecology and Natural Resources said, Report informs.

According to her, Kazakhstan anticipates reaching a consensus on crucial aspects of climate financing and how parties plan to achieve climate solutions and fulfill their commitments to attaining carbon neutrality.

She emphasized the importance of COP29 for Kazakhstan, given its proximity to Azerbaijan. "We are in the same region as Azerbaijan, and we expect significant achievements from COP29, particularly in terms of regional cooperation on issues related to water basins, water resources, and pollution monitoring in the Caspian Sea," Saule Sabieva stated.

Discussing potential solutions to climate challenges, Sabieva highlighted that Kazakhstan is counting on joint regional efforts to achieve a green economy, such as developing a green finance market and establishing a green taxonomy. These initiatives aim to attract investors focused on producing environmentally friendly products to the region.

Historically, Central Asia has been one of the most vulnerable regions to climate change. According to the World Bank, temperatures in the region could rise by 4-5°C by 2050, leading to glacial melting, water scarcity, and land degradation. Consequently, collaborative efforts of the region’s countries to combat climate change and joint efforts regarding the transition to a green economy are crucial for sustainable development.