Delegates from Kazakhstan's leading electric power conglomerate participated in the UN International Climate Summit, COP28, currently underway in Dubai. The conference's primary focus is to assess global progress in fulfilling the objectives outlined in the Paris Agreement.
As an integral part of the international gathering, a dedicated presentation initiative, known as Green Pitching, was conducted for Central Asian nations, exploring "Investing in sustainable development and climate change resilience". In collaboration with UNDP and AIFC, the event featured Almasbi Kamalov, the Managing Director for Economy and Finance at Samruk-Energy JSC, delivering a report on behalf of Kazakhstan. The presentation centered on the ongoing efforts within Samruk-Energy Group of Companies to transition coal-fired thermal power plants to gas through the utilization of financial instruments, specifically sustainability-linked bonds.
Almasbi Kamalov emphasized that Kazakhstan ratified the Paris Agreement in 2016, committing to reducing greenhouse gas emissions. To realize this commitment, energy transition programs for Samruk-Kazyna JSC and Samruk-Energy JSC were approved in 2022, outlining a gradual reduction of CO2 emissions by 2032 and the aspiration to achieve carbon neutrality by 2060.
Highlighting Kazakhstan's ample resources for implementing the energy transition program, Almasbi Kamalov pointed out that the southern regions receive about 3,000 hours of sunshine annually, making solar energy competitive globally. The country's hydro potential is estimated at 62.6 billion kWh, approximately 55% of current consumption, while wind energy potential is calculated at 1.8 trillion kWh per year, roughly 16 times the current consumption.
Almasbi Kamalov stated, "By 2030, we plan to implement renewable energy projects with strategic investors, constructing 4 GW of wind power plants, 1 GW of solar power plants, and 1.7 GW of hydropower plants". He further elaborated on the initiative to convert Almaty's thermal power plants to gas, addressing environmental and health concerns in the city of 2 million inhabitants.
The Managing Director emphasized that Samruk-Energy's current projects not only hold social and environmental significance but also aim to address the country's energy shortfall. After the modernization and launch of new stations, experts predict a 28% reduction in greenhouse gas emissions and a 92% decrease in harmful substances. Almasbi Kamalov highlighted additional benefits, such as the potential to regulate 500 MW of green energy with the commissioning of a new Combined Heat and Power Plant (CHP-3).
Discussing the Almaty CHP-2 conversion project, Almasbi Kamalov mentioned concluded loan agreements with development banks. The CHP-3 project in the city is in the process of issuing Sustainability-linked bonds, with a financing amount of approximately 500 mln.USD.
The Green Pitching initiative at the UN International Climate Summit seeks to foster collaboration, spur innovation, and attract investments for a green and sustainable future in Central Asia. The exhibition showcases projects across various sectors, including renewable energy, water management, sustainable agriculture, and ecotourism, aiming not only to mitigate climate change effects but also to enhance the quality of life for Central Asian residents.