BAKU, Azerbaijan, November 3
By Nargiz Sadikhova - Trend:
The Green Climate Fund-supported project for the construction of 8-11 renewable energy projects in Kazakhstan is currently underway, the official at Green Climate Fund (GCF) told Trend.
Approved in 2017, the estimated completion for the project is May 2023, and the project’s lifespan is estimated at 20 years.
The latest development of the project took place on October 19, 2021 when another $11.8 million of funds were allocated, Prior to that allocated funds equaled $89.7 million ($86.7 million in October 2018 and $3 million in September 2019).
Around 91 percent of Kazakhstan’s electricity is generated from fossil fuels, making it one of the largest emitters of greenhouse gases in Central Asia.
Diversification of energy sources and the decarbonization of the economy is a priority of the Kazakhstan government, which is introducing feed-in tariffs and an auction scheme to promote this transition.
However, the lack of appropriate financing mechanisms has delayed the development of new projects to respond to these policies. GCF’s investment will scale up investment in renewables, crowding-in low-carbon investors through a program of investment, and creating a viable alternative to cheap coal-based power.
The program will also provide technical assistance, building institutional capacity for energy integration, policies and planning.
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