Kazakhstan needs investments worth $650 billion to achieve its carbon neutrality target

Nur-Sultan, October 28 - Neftegaz.RU. Kazakhstan needs to invest $650 billion in low carbon technologies to achieve its carbon neutrality target in the period of 40 years, Minister of Ecology, Geology & Natural Resources Serikkali Brekeshev told today’s briefing at the Central Communications Service, Kazinform reports.
The minister also named the sectors that need most investments, they are:

• electricity and thermal energy - $305 billion
• transport - $167 billion
• mining and manufacturing - $65 billion
• housing and public utilities - $57 billion
• agriculture - $49 billion

Brekeshev went on to note that according to the model review investments in coal, oil and gas production will reduce due to reduction in demand in the long-term period.
He said:

• Decarbonization of Kazakhstan’s economy will lead to fundamental changes in its fuel and energy complex

By 2060 the share of non-renewable energy sources is expected to decrease 3.4 fold and total 20%, while the share of renewable energy sources will climb from 3% to 70%.

Industrial sector is forecast to consume 65% of all energy sources in Kazakhstan by 2060.
Energy consumption of buildings and transport will drop to 23% and 9%, accordingly.

Brekeshev added that agriculture will eventually become the biggest source of greenhouse gases.
Greenhouse gas emissions are forecast to total about 42 million tons.

Industrial sector will be the 2^nd largest source of greenhouse gases with forecasted volume of 21 million tons.
Ranked 3^rd is the oil & gas sector with 6 million tons of greenhouse gas emissions.