BAKU, Azerbaijan, November 13. The Astana International Financial Centre (AIFC) has become one of the founding members of the Global Carbon Market Network, a new international platform established with the support of the United Nations Conference on Trade and Development (UNCTAD), according to the AIFC.
The initiative was announced at the 31st UN Climate Change Conference (COP31) in Antalya, Türkiye. It aims to strengthen links between carbon and financial markets, improve transparency and trust, and facilitate cross-border transactions.
The network's founding members also include organizations from Asia, Africa, the Middle East, Europe and Latin America, such as Climate Impact X, Johannesburg Stock Exchange, Indonesia Stock Exchange, Global Carbon Council, Verra and Voluntary Carbon Market Company.
On the sidelines of COP31, AIFC also organized an expert discussion titled “Voluntary Carbon Market: Infrastructure, Standards and Financing.” The session brought together representatives of international organizations, carbon market infrastructure providers, financial institutions and the private sector. Participants discussed practical mechanisms for advancing climate finance and voluntary carbon markets in Central Asia, including green and sustainable finance, ESG instruments, development bank funding, voluntary carbon market mechanisms and International Renewable Energy Certificates (I-REC).
They also examined investor requirements for climate projects, ways to structure projects to attract capital, and opportunities to develop demand for carbon credits and I-REC certificates in the region.
“For the voluntary carbon market to become a fully fledged source of financing for climate projects, generating carbon credits alone is not enough. What is needed is an integrated ecosystem comprising high-quality projects, internationally recognized standards, transparent infrastructure, access to capital and sustainable buyer demand. For Central Asia, it is particularly important to connect climate projects with financial markets and establish clear mechanisms for investors," said Zhanbolat Kakishev, Chief Product Officer of the AIFC Authority.
He added that the AIFC was ready to support Kazakhstan's efforts to develop a portfolio of climate investment projects by providing financial infrastructure, international expertise and access to investors and market participants.
The AIFC said it would continue supporting sustainable finance, international cooperation and the development of an ecosystem for climate projects in Kazakhstan and Central Asia.
