Kazakhstan Presents New Climate Investment Platform At COP31 In Antalya

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 11. Kazakhstan has presented the framework of its Country Climate Investment Platform (QCIP), a national mechanism for coordinating climate initiatives and mobilizing financing, at the National Pavilion of Kazakhstan during the 31st Conference of the Parties to the UN Framework Convention on Climate Change (COP31) in Antalya.

According to the International Green Technologies and Investment Projects Center (IGTIC), the platform is designed to build a portfolio of priority climate projects, improve their investment readiness and attract domestic and international capital.

QCIP will operate under the leadership of Kazakhstan's Ministry of Ecology and Natural Resources, which will serve as the national designated authority. Its secretariat will be based at IGTIC.

The platform will cover all sectors of the economy and bring together government agencies, international financial institutions, climate funds, investors and project developers to coordinate efforts, prepare priority initiatives for investment and mobilize financing.

One of QCIP's sectoral components is the Kazakhstan Just Energy Transition Investment Platform (QaJET), developed by the Ministry of Energy with support from the European Bank for Reconstruction and Development (EBRD).

Its objective is to support the development of at least 10 gigawatts (GW) of renewable energy capacity by 2035, as well as the modernization of electricity grids, the development of energy storage systems and the electrification of end users.

Two memoranda were signed during the event. The first memorandum covers cooperation between IGTIC and the Development Bank of Kazakhstan within the framework of QCIP.

The second establishes a partnership between Kazakhstan's Ministry of Energy, the Ministry of Ecology and Natural Resources, and QaJET partners led by the EBRD. Its signing marked the official launch of the sectoral platform.

The launch of QCIP marks a step towards translating Kazakhstan's climate commitments into practical investment projects, expanding international partnerships and mobilizing private capital for the country's transition to a low-carbon economy.

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