BAKU, Azerbaijan, November 15. The total volume of investments in the agreements reached by Kazakhstan on the margins of COP29 will amount to about $3.7 billion, Kazakhstan's Vice Minister of Energy Ilyas Bakytzhan said during the Ministerial Dialogue on the promotion of energy transition based on renewable energy sources in Central Asia, TurkicWorld reports.
"Kazakhstan aims to actively develop green energy and achieve carbon neutrality by 2060. One of the promising areas in Kazakhstan is the development of renewable energy and the construction of wind generation facilities. On the margins of the COP, the Government of Kazakhstan and the Government of the People's Republic of China signed an agreement on the implementation of major projects in the field of renewable energy. Investment agreements were also signed with Masdar on the implementation of large-scale renewable energy projects.
It is expected that the total investment in these projects will amount to about $3.7 billion. Taking into account global trends to achieve carbon neutrality, Kazakhstan prioritizes a balanced and consistent energy transition, developing both traditional and alternative sources of renewable energy following national conditions, interests, and socio-economic factors," he said.
The opening of COP29 took place on November 11 in Baku's Olympic Stadium and will continue until November 22. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.
As part of COP29, the highest-level event, the World Leaders' Summit on Climate Action, was held on November 12-13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance.
In addition to being a top priority that creates the conditions for action, creating climate finance will also help fulfill the 1.5°C pledge by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for "Conference of Parties" and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is based in Bonn.
