Green Financial System for Kazakhstan

Share this article

GreenStream lead a ground-breaking project to support Kazakhstan’s efforts to transition into a green economy and become a regional hub for green finance. The “Green Financial System for Kazakhstan” project was established to assist the Astana International Financial Center’s (AIFC) in the scoping, conceptualisation and development of a domestic green financial system. The project identified market-friendly tools for addressing major environmental challenges in the country, assessed demand for green investment, and identified regulatory gaps and barriers to sufficient financing for low-carbon technologies, energy efficiency and renewable energy. Building on a comprehensive overview of international experiences and a robust analysis of the demand, opportunities and challenges of green finance in the local context, the project’s transformational value lies in its practical focus, embodied in the Roadmap for Green Financial System for Kazakhstan.


This trail-blazing project helps Kazakhstan to navigate towards a greener economy to achieve its ambitious sustainable development and climate change targets and become a regional showcase for green finance, based within the Astana International Financial Centre (AIFC). The project delivered a set of detailed reports providing background, analysis and options for the development of a Green Financial System in Kazakhstan and a roadmap for its operationalisation. The project found a strong official commitment to sustainable development and large demand for green finance across key sectors of Kazakhstan’s economy. The project also identified major domestic challenges to green finance which include policy and capacity shortfalls, a shallow financial sector and limited market development. The project culminated with a series of recommendations and supporting actions revolving around three core areas: developing a complementary strategic framework; establishing enabling conditions; and supporting effective market mechanisms.

The project was carried out by an international consortium led by GreenStream Network and including Climate Wedge, Ecofys, EnEco Solutions, Enovid LLP and Redshaw Advisors. The project was commissioned by the EBRD and financed by Finland through the Finnish Ministry of Employment and the Economy Technical Cooperation Fund. The project was guided by an Advisory Group co-chaired by AIFC and EBRD and consisting of leading green finance experts from the People’s Bank of China, UNEP Inquiry, International Emissions Trading Association and the OECD.




Latest references

Opening China markets for Sarlin

GreenStream has opened China markets to many Finnish small and medium sized companies. One of the main technology partners at the moment is Sarlin.

Shangdong Guangjun Paper – annual energy savings up to 32 %

Annual savings:

Electricity saving: 1926.6 MWh
Water saving: 18495 m3
Steam saving: 2652 t
Standard coal: 1068 TCE
Emission reduction: 2766t CO2e

Energy Efficiency for Delong Steel

GreenStream’s project saved 15 % of the compressed air related electricity costs annually for Delong Steel’s Xingtai steel mill. The technology provider was Sarlin.