World Bank Names Required Financing For Kazakhstan To Reach Net-Zero By 2060
Date
2/12/2024 12:09:31 AM
(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.
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