BAKU, Azerbaijan, Oct. 6
By Nargiz Sadikhova - Trend:
COVID-19 has not affected implementation of ‘GCF-EBRD Kazakhstan Renewables Framework’ project, except for some supply chain disruptions due to restricted movement, Urvaksh Patel, Green Climate Fund (GCF) Regional Manager for Eastern Europe and Central Asia told Trend.
The project oversees supporting the construction of 8-11 renewable energy projects in Kazakhstan, with a total capacity of 330 MW, and has an estimated lifespan of 20 years.
Thus, the total project value amounts to $557 million, and by its implementation emission of 12.9 million tons of carbon dioxide will be avoided. The project’s estimate completion is May, 2023.
In turn, another GCF-backed project in Kazakhstan – ‘High Impact Programme for the Corporate Sector” was just recently approved.
“This program is GCF's first at-scale investment to promote the uptake of low-carbon technologies in the industrial sector. It has been designed to facilitate a transformational shift within energy-intensive industries, agribusinesses, and the mining secto,” Patel said.
“The program was just approved at the 26th Meeting of the GCF Board in August 2020 and has not yet started implementation. We are working with countries and our Accredited Entities to minimize any COVID-19 impacts and work around them, where possible,” Patel added.
GCF is a global platform to respond to climate change by investing in low-emission and climate-resilient development. GCF was established by 194 governments to limit or reduce greenhouse gas (GHG) emissions in developing countries, and to help vulnerable societies adapt to the unavoidable impacts of climate change.
Given the urgency and seriousness of this challenge, GCF is mandated to make an ambitious contribution to the united global response to climate change.
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