The Ministry of Ecology and Natural Resources of Kazakhstan, in collaboration with Zhasyl Damu JSC, and with the support of the World Bank, has launched the Partnership for Market Implementation Project aimed at advancing Kazakhstan’s carbon market and supporting the country’ transition to green and resilient growth, the World Bank reported.
Kazakhstan has been a pioneer in carbon pricing in Central Asia, being the first country in the region to establish an Emissions Trading System (ETS) in 2013.
To support the efforts of the Ministry and Zhasyl Damu, the country’s ETS operator, the World Bank’s Partnership for Market Implementation (PMI) Trust Fund has allocated a grant of $4.8 million to Kazakhstan for the project to be implemented by June 30, 2028.
The PMI Project aims to strengthen Kazakhstan’s ETS and stimulate the reduction of greenhouse gas emissions in the country. The project is also expected to help develop domestic market for carbon credits and a strategy for trading carbon credits in the international carbon market.
Kirtan Sahoo, Senior Climate Change Specialist and World Bank Task Team Leader for PMI engagement in Kazakhstan commented: “Strengthening the emissions trading system would allow Kazakhstan to mobilize domestic resources efficiently, helping the country to meet its international commitments, while delivering sustainable, long-term economic growth.”
