Chapter Zero launches in Kazakhstan to promote clean energy transition

The Astana International Financial Centre (AIFC) recently hosted the official ceremony to launch Chapter Zero Kazakhstan, a global initiative aimed at fostering clean energy transition in the country, Kazinform News Agency correspondent reports, citing the AIFC.

Chapter Zero is part of the Global Climate Governance Initiative, founded by the World Economic Forum. The initiative’s key mission is to mobilize senior management of Kazakh companies and financial institutions to implement the energy transition strategy.

The Chapter Zero initiative is part of a global effort to engage and educate company directors on the impacts of climate change on business, specifically focusing on the transition to a low-carbon economy. It operates within the broader context of the climate change agenda, aiming to ensure that boards of directors are fully informed and able to make decisions that align with the goal of achieving net-zero carbon emissions.

Kazakhstan is among 72 countries where Chapter Zero operates. AIFC’s regulation flexibility of corporate matters and a quality set of rules and regulations were key factors behind its selection as the branch office in Kazakhstan.

“Active and ambitious engagement of industry, finance, and business in climate change mitigation and adaptation is crucial. Kazakhstan is focused on achieving a sustainable future, and this initiative is an important step on that path,” said Gulzada Shakulikova, one of the initiators of Chapter Zero Kazakhstan.

The event also announced the development of the Corporate Governance Program for Kazakhstan and Central Asia with INSEAD Business School.

Green finance is among the key priorities for the AIFC and its Green Finance Center.

“Green finance has been identified as one of the strategic directions of AIFC development. We are actively working on the development of the climate finance market, including support for issuers of thematic bonds through the AIFC Green Finance Center. And we hope this initiative will become another bridge linking business to the decarbonization agenda,” said Daniyar Kelbetov, Green Finance Center Chairman.

Kazakhstan pledged to achieve carbon neutrality by 2060. In February 2023, the government adopted a carbon neutrality strategy, entailing measures needed for the nation to reach its ambitious objective.