Kazakhstan Attracts Over $3.5 Billion in Green Energy Investments

Kazakhstan has attracted over $3.5 billion in investments for green energy at the COP29 event in Baku, according to a press release from the Ministry of Energy of Kazakhstan. Specifically, the Minister of Energy, Almasadam Satkaliev, signed a Memorandum of Understanding with the Asian Development Bank (ADB). The document aims to accelerate the decommissioning of coal-fired power plants, increase the use of renewable energy sources, improve energy efficiency, and introduce new technologies in electricity and heat generation.

Among the signed agreements was one with the Government of China on renewable energy projects, which aims to collaborate on combating global warming, transitioning to clean technologies, and reducing emissions. The total investment in these projects is expected to exceed $2 billion.

Additionally, an agreement was reached on investments in a wind power project in the Zhambyl region with Abu Dhabi Future Energy (a subsidiary of Masdar). The anticipated investment in this project is $1.5 billion.

During the conference, the Minister of Energy of Kazakhstan also held a series of meetings with representatives of the UN, ACWA Power, Masdar, and ADB.