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

This year Kazakh President Kassym-Jomart Tokayev instructed the government to bring the share of renewable energy in the nation’s total energy grid to 15% by 2030

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

Source : Neftegaz.RU


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