World Bank Names Required Financing For Kazakhstan To Reach Net-Zero By 2060

(MENAFN- Trend News Agency) ASTANA, Kazakhstan, February 12. Kazakhstan will require about $1.15 trillion of investment between 2025 and 2060 (6 percent of cumulative discounted GDP) to decarbonize its energy system to reach net-zero by 2060, Trend reports.

According to the World Bank's Greening the Economy of Europe and Central Asia (ECA) report, the private sector of the countries in the ECA region will need to make about 70–80 percent of the total investment in decarbonization; this figure includes both capital investment and consumption (such as the Acquisition of electric vehicles by households).

"Governments will need to implement national policies and carry out public investments to incentivize private investments and to help shift the financing of the green transition to market-based approaches," says the report.

In WB's view, investments in energy infrastructure can allow countries to both mitigate and adapt to climate change.

As WB noted, the transition to clean, affordable, and secure energy will require a range of policies to complement and facilitate required investments and support the shift of resources away from fossil fuels while protecting vulnerable populations.

Among them, the World Bank points out the reduction or phase-out of energy subsidies, tax instruments to facilitate the green transition, decarbonization of transportation, investment in skills for a greener economy, etc.

To note, Kazakhstan is developing a roadmap for the implementation of the Strategy for Achieving Carbon Neutrality until 2060. The roadmap should be the main tool for the energy transition and achieving net-zero greenhouse gas emissions by 2060. In this regard, a working group has been created. More than 200 experts take part in its work.


Trend News Agency

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