Officials from the Asian Infrastructure Investment Bank (AIIB) have signed a memorandum of understanding with the Republic of Kazakhstan’s ministry of energy in an effort to improve the investment environment for renewable energy in the country.
According to the agreement, which sets the foundation for AIIB to finance renewable energy projects in Kazakhstan, renewable energy projects are crucial to helping the Kazakhstan government meet its commitments under the Paris Agreement, which includes reducing greenhouse gas emissions by 15 to 25 percent from the 1990 level (357 million tonnes). The central Asian country and former Soviet republic extends from the Caspian Sea in the west to the Altai Mountains at its eastern border with China and Russia.
The AIIB will help the ministry develop its renewable energy sector through projects such as the 100-megawatt wind farm in Southern Kazakhstan, which is currently under consideration by AIIB’s board of directors.
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