The National Company KazMunayGas (KMG) and the European Bank for Reconstruction and Development (EBRD) signed a Memorandum of Understanding. The document concerns strategic cooperation in the field of decarbonisation.
Cooperation will consist in supporting KMG in the field of reducing the carbon footprint provided for by the KMG Low-Carbon Development Program and increasing its efficiency.
In particular, KMG's reporting capacity will be increased in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Also, joint work will be in the field of analyzing the potential and opportunities for financing low-carbon projects to improve energy efficiency, develop renewable energy, implement pilot projects on low-carbon hydrogen and apply carbon dioxide capture and storage technologies.
The signing of the memorandum took place on the eve of the 34th Plenary meeting of the Council of Foreign Investors on the topic: Decarbonisation of the economy. Implementation of low-carbon technologies in order to comply with environmental, social and governance standards (ESG). The signing ceremony was attended by Chairman of the Management Board of KMG Magzum Mirzagaliev and EBRD Director for Kazakhstan Hussein Ozhan.
“We are delighted to start a new chapter in cooperation with our long-standing strategic partner, the European Bank for Reconstruction and Development. At the UN Climate Ambitions Summit, President Kassym-Jomart Tokayev made a statement about Kazakhstan's intention to achieve carbon neutrality by 2060. As you know, KazMunayGas has set itself the goal of reducing its carbon footprint by 15% by 2031 from the 2019 level. We consider the Memorandum in the context of solving this problem and hope that joint efforts with the EBRD will help strengthen our competencies and achieve a low-carbon future in Kazakhstan,” said Magzum Mirzagaliyev, head of KMG.
EBRD Director for Kazakhstan Hussein Ozhan noted the importance of the decarbonisation process and the development of renewable energy sources. “The vast majority of states, including Kazakhstan, agreed to accelerate work to achieve the goals of the Paris Agreement and the UN Framework Convention on Climate Change. Sustainability, decarbonisation and renewable energy are no longer buzzwords, but a way of thinking. I am very pleased that KazMunayGas is a part of this global green movement and will cooperate with the EBRD on the implementation of the low-carbon development program,” said Hussein Ozhan, EBRD Director for Kazakhstan.