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The Forum on Green Financing

The Forum on Green Financing on 21 July to share knowledge and promote a dialogue on green financing prospects for the tourism sector in Kazakhstan was held by the EU funded project “Implementation of sustainable consumption and production (SCP) practices and sustainability schemes in the MSMEs of the tourism sector in Kazakhstan” (SUSTOUKA).

The event gathered national and international financial institutions and government authorities to discuss ways how to boost the development of green financing. The participants reviewed green financing initiatives and green marketing policies. The dialogue was focused on barriers, opportunities and future prospects for green financing in Kazakhstan. The involvement of government authorities and financial institutions is crucial to incentivise sustainable behaviours in the country and this is particularly important for the tourism sector.

Mr Johannes Stenbaek Madsen, Head of Cooperation at the EU Delegation to Kazakhstan emphasised “the need to create the enabling legislative framework and sustainability criteria to support green financing for tourism sector. MSMEs are increasingly aware of the benefits of circular business models, which bring cost reductions and new business opportunities” and highlighted that “in line with the EU Green Deal, the EU is committed to continue assisting Kazakhstan on its way to green economy transition”.

Similarly, Mr Baitokov Marat Uakhitovich, First Vice President, Chairman of the Executive Committee, ALE “Association of Banks of the Republic of Kazakhstan” underlined that “The green financial system will help increase the involvement of financial institutions, especially from the private sector, to implement green projects in Kazakhstan”.

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