Kazakhstan presented a mechanism to attract funds for climate projects at the COP31 Conference in Antalya, Türkiye in Antalya, a Qazinform News Agency correspondent in Ankara reports. The Qazaqstan Climate Investment Platform (QCIP) was presented at Kazakhstan's National Pavilion at the 31st UN Climate Change Conference (COP31).
The new mechanism will bring together government bodies, international financial organizations, climate funds, and private investors to implement projects to develop a low-carbon economy. The platform's main goal is to build a portfolio of key-priority climate projects, boost their investment appeal, and provide access to Kazakh and international financing sources.
QCIP is expected to cover various sectors of the economy and become a single venue for coordinating interaction between the state, financial institutions, and business. The platform will operate under the guidance of Kazakhstan's Ministry of Ecology and Natural Resources.
The International Green Technologies and Investment Projects Center (IGTIC) has been assigned secretariat functions. One of QCIP's key components will be the Qazaqstan Just Energy Transition Investment Platform (QaJET), developed by the Ministry of Energy with support from the European Bank for Reconstruction and Development.
It aims to accelerate renewable energy development, modernize power grids, introduce energy storage systems, and expand electrification. In particular, a target has been set to commission at least 10 GW of renewable energy capacity by 2035. Two memorandums of cooperation were signed during the event.
The first covers interaction between the International Green Technologies and Investment Projects Center and the Development Bank of Kazakhstan within the QCIP framework. The second document was signed between the Ministry of Energy, the Ministry of Ecology and Natural Resources, and QaJET partners led by the EBRD.
The signing marked the official launch of the sectoral platform. Creating QCIP aims to move from stated climate goals to practical project implementation involving international and private capital. The new mechanism is also designed to expand the participation of financial institutions and investors in the environmental transformation of Kazakhstan's economy.
Earlier, Qazinform News Agency reported that the national pavilion of Kazakhstan opened at the UN Climate Change Conference — COP31 in Antalya.