The European Bank for Reconstruction and Development (EBRD) pledged €300m (US$330m) to support the second phase of the Kazakhstan Renewables Framework, an EBRD’s scheme to promote solar, wind, hydro, biogas, distribution and transmission projects in the country. It could reduce Kazakhstan’s CO2 emissions by at least 0,5 MtCO2/year.
Beside EBRD's funding, the scheme will be supported by concessional finance from the Green Climate Fund, in addition from a comprehensive technical cooperation program, which will support competitive tendering for wind projects, the development of a carbon market and the promotion of gender inclusion in the renewable sector.
The first phase helped the creation of 262 MW of renewable power-generation capacity across the country, attracted four private international investors and supported a grid-strengthening project. The extension of the program will help Kazakhstan to reach its renewable energy targets of 3% of generation by 2020 and 50% by 2050 and to meet its promises under the Paris Agreement. So far, EBRD has provided €2bn in funding for renewable energy projects in Kazakhstan.
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