GCF approves major contribution to EBRD Kazakhstan Renewables Framework

The Green Climate Fund (GCF) approved an allocation of up to $110 million Oct. 3 to the Eurasian Bank for Reconstruction and Development (EBRD) Kazakhstan Renewables Framework, an innovative plan to finance construction and operation of renewable
energy projects in the country.

The framework was approved by the EBRD Board of Directors in December 2016 for €200 million (US$235.7 million). It will support investments in solar, wind, small hydropower and biogas energy sources and modernising and strengthening the electricity grid to enhance integrating renewable energy sources. The GCF contribution of $106 million in concessional finance and $4 million in technical assistance grants was approved at its board meeting in Cairo. “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 percent 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,” said Minister of Energy
Kanat Bozumbayev.