ASTANA, Kazakhstan, November 14. Abu Dhabi Future Energy will build a wind power plant in the Zhambyl region of the Republic of Kazakhstan, TurkicWorld reports.
The topic was discussed during the signing of a series of documents by the Minister of Energy of Kazakhstan, Almassadam Satkaliyev, at the COP29 Climate Summit in Baku, Azerbaijan, held under the auspices of the United Nations Framework Convention on Climate Change.
The expected investment amount for the wind power project in the Zhambyl region of the Republic of Kazakhstan, which is planned by Abu Dhabi Future Energy Company, is estimated at $1.5 billion.
This document was signed within the framework of the intergovernmental agreement with the UAE, aimed at developing renewable energy projects, implementing a green transition, reducing carbon emissions, and combating climate change.
In particular, the Minister of Energy signed a memorandum of understanding between the Ministry of Energy of Kazakhstan and the Asian Development Bank (ADB).
Among the signed documents was also an agreement with the government of the People's Republic of China regarding the implementation of renewable energy projects, the transition to environmentally clean technologies, and emissions reduction. The investment in these projects is expected to exceed $2 billion.
Masdar, also known as the Abu Dhabi Future Energy Company, is an Emirati state-owned renewable energy company. It was founded and chaired by Sultan Al Jaber in 2006 as a subsidiary of Mubadala Investment Company.
To note, the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) started in Baku on November 11. The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference in the climate system.
A total of 198 countries are Parties to the Convention. Unless the parties decide otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.
