ADB backs Kazakhstan's strategy to achieve carbon neutrality by 2060 - Masatsugu Asakawa

ADB (Asian Development Bank) supports Kazakhstan's strategy to achieve carbon neutrality by 2060, President, Chairman of the Board of Directors of ADB Masatsugu Asakawa said during a briefing on the sidelines of the bank's 57th annual meeting in Tbilisi, Trend reports.

"Countries must fast switch to 'green' energy and eliminate fossil fuels to meet our goals. Due to Kazakhstan's energy-intensive economy and fossil fuel dependence, the ADB supports the government's 2060 carbon neutrality strategy," he emphasized.

According to him, the so-called ETM (The Energy Transition Mechanism), which aims to initiate a safe and economically efficient phased transition away from coal-fired power plants and towards environmentally friendly energy, has been decisively supported by the government of Kazakhstan.

To note, Kazakhstan joined the ADB in 1994. Since then, the ADB has allocated approximately $7 billion in the form of government and private sector loans, grants, and technical assistance.