EDB representatives discuss investments in sustainable development and climate resilience in Central Asia at COP28
Almaty, 3 December 2024. Representatives from the Eurasian Development Bank (EDB) addressed the peculiarities of investing in sustainable development and climate resilience in Central Asia during COP28, the United Nations Climate Change Conference held in Dubai, UAE.
Denis Ilin, EDB Senior Managing Director, participated in a session entitled Attracting Investments for Sustainable Energy Transition and the Role of International Financial Institutions in this Process, highlighting the challenges and potential of low-carbon transition in Eurasia. Energy decarbonisation and diversification are crucial global objectives in addressing the urgent need for affordable energy while curbing human-made environmental impacts. The market in sustainable and transit finance facilitates the sustainable energy transition by funding projects that mitigate environmental impacts and enable cleaner, sustainable energy solutions.
Conrad Albrecht, Managing Director and Head of the EDB Directorate of Sustainability, showcased projects specific to Central Asia and noted that the Bank was a key partner for private businesses, financial institutions and government agencies in Eurasia.
“As an international financial institution, the Eurasian Development Bank is proud to further and champion this critical domain in the region where it operates. We have a successful track record of implementing environmental and climate projects aligned with SDGs and the Paris Agreement,” he said.
He added that the Central Asian region had four primary “pain points” that are responsible for the majority of greenhouse gas emissions and necessitate special attention: fugitive emissions, electricity and heat generation, agriculture and construction. These sectors collectively account for approximately 80% of greenhouse gas emissions in Central Asia. The coal sector remains a significant contributor to total greenhouse gas emissions in the region, leading to high emissions in electricity and heat generation as well as construction. For instance, the electricity and heat sector alone emits 42.5% of greenhouse gases in Kazakhstan, while in the Kyrgyz Republic, buildings contribute to 37.5% of emissions.
“As an international development bank with solid environmental and social credentials, we will continue to finance projects that positively impact climate, the environment and living standards in our member states. According to the latest data, our current portfolio of green projects approximates US $540 million (with around 44% of this figure directed towards Kazakhstan), constituting 11% of our total current portfolio,” said Conrad Albrecht.
The EDB is currently reviewing its ESG-related procedures and methodologies and aligning them with international best practices, while considering the unique needs and requirements of its member economies.
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution promoting integration and development in its member countries. For more than 17 years, the Bank has worked to strengthen and expand economic ties and foster comprehensive development in its member countries. The EDB's charter capital totals US $7 billion. Its portfolio consists principally of projects with an integration effect in transport infrastructure, digital systems, green energy, agriculture, manufacturing, and mechanical engineering. The Bank adheres to the UN Sustainable Development Goals and ESG principles in its operations.
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