ASTANA, Kazakhstan, September 19. By the end of 2025, the Kazakhstan Stock Exchange (KASE) is pulling out all the stops to foster the growth of sustainable finance in the country, as shown by the remarkable leap in the ESG (environmental, social, and governance) bond market, Trend reports via PwC.
This is stated in a PwC report with KASE specialists and data from listing and disclosure reports. On this account, PwC published a study on the energy transformation of Eurasia: Kazakhstan and Uzbekistan focus on green financing.
According to PwC, the ecosystem for green bonds in Kazakhstan exhibits robust and accelerated expansion. While in 2020, the exchange listed only two issues from the Asian Development Bank (ADB), by 2024 the volume of declared ESG bond placements grew sevenfold compared to 2023. This reflects increasing interest from investors and issuers in sustainable finance instruments.
Key trends in the ESG market on KASE:
The volume of green bonds issued reached 202 billion tenge (approx. $363.6 million) by 2024.
Social bonds are represented by a volume of 678 billion tenge (approx. $1.22 billion).
Between 2020 and the first half of 2025, more than 34 ESG-themed events were held on KASE.
The number of green bond issues was 18, and social bonds—15.
Key issuers were previously development banks and the quasi-state sector, but since 2023 representatives of small and medium-sized businesses (SMEs) have entered the market, actively placing their green bonds.
“The growth in ESG bond placements on the exchange is an indicator that sustainable finance is becoming an important element of Kazakhstan’s economic policy and is in demand both among major players and SMEs,” noted Madina Kasymbayeva, ESG specialist at KASE.
Market dynamics indicate that green bonds remain the main part of ESG bonds on the exchange. Growth in actual and declared placements by year:
2022: about 17 billion tenge (approx. $30.6 million) in actually issued ESG bonds.
2023: actual volume grew to 58 billion tenge (approx. $104.4 million).
2024: volume reached 436 billion tenge (approx. $784.8 million) (actual data).
The volume of Sustainable Development Goals (SDG) bonds issued exceeded 100 billion tenge (approx. $180 million), demonstrating the expansion of the range of sustainable financial instruments.
KASE is becoming a key platform for promoting ESG products in Kazakhstan, stimulating the development of green and social bonds, and supporting government efforts to achieve sustainable development goals. The active involvement of small and medium-sized businesses in the ESG bond market opens new opportunities for building a sustainable economy and attracting investment in eco-friendly projects.
PwC (PricewaterhouseCoopers) is a global professional services network headquartered in London, known for its auditing, consulting, and advisory services. It operates in over 150 countries, serving clients across various industries to help solve complex business challenges. PwC is recognized for its research and insights on economic, technological, and sustainability trends worldwide
