Kazakhstan Secures $3.7 Billion in Green Energy Investments at COP29
On Nov. 13, Kazakh Energy Minister Almasadam Satkaliyev signed agreements totaling nearly $3.7 billion for green energy development at the World Leaders Climate Action Summit, part of COP29 in Baku. These agreements strengthen Kazakhstan’s commitment to renewable energy, phasing out coal, and advancing eco-friendly technologies.
A key memorandum of understanding with the Asian Development Bank (ADB) will drive collaboration on coal plant phase-out, renewable energy growth, and energy efficiency through the ADB’s Energy Transition Mechanism. In partnership with China, Kazakhstan also committed to $2 billion in renewable projects aimed at emissions reduction and sustainable technology adoption.
Additionally, Satkaliyev signed a $1.5 billion investment deal with Masdar, the Abu Dhabi Future Energy Company, to develop a wind power plant in Kazakhstan’s Zhambyl Region. This partnership supports an intergovernmental agreement with the UAE to promote clean energy and carbon reduction.
Satkaliyev emphasized continued cooperation with international institutions, meeting with representatives from the UN Economic Commission for Europe and ACWA Power, a leader in water desalination and renewable projects. These initiatives position Kazakhstan as a regional leader in green energy and sustainable development.
