Kazakhstan signs agreements on projects worth $3.7B on sidelines of COP29

Kazakhstan signed agreements at COP29 for new projects worth $3.7 billion, Kazakh Deputy Minister of Energy Ilyas Bakytzhan said at the Investment Forum on Energy Transition in Central Asia during COP29 in Baku, Report informs.

"First of all, I would like to thank the organizers and congratulate the Azerbaijani side on hosting COP29, this major climate event. Our countries have ambitious plans to achieve common and regional sustainability, environmental security in the future," said the deputy minister.

He added that at COP29, Kazakhstan successfully announced the implementation of major intergovernmental projects in green energy development.

"In particular, the presidents of Kazakhstan, Azerbaijan, and Uzbekistan signed an intergovernmental agreement on the construction of a deep-sea cable along the bottom of the Caspian Sea. This is the largest regional project that will facilitate the creation of infrastructure for green energy exports to Europe in the future," noted Bakytzhan.

Bakytzhan also emphasized that at COP29, the governments of Kazakhstan and China signed an agreement on implementing major renewable energy projects.

"Investment agreements were also signed for large renewable energy projects with Masdar company. The total investment in these projects is expected to be around $3.7 billion," he said.