The impact of the green economy on the sustainable development of Kazakhstan

Abstract

The authors in this study noted that, the world economy is faced with the realities of depletion of natural resources, water, and environmental pollution. The global course around the world today is the “green economy”, which provides not only a careful attitude to nature, but also the introduction of innovative technologies. In addition to the high level of physical and moral depreciation of equipment, which worsens the issue of irrational consumption of raw materials and energy, there is also a lack of innovation due to low demand and restricted funding. The current implementation of the Invest EU investment program aims to attract a minimum of 650 billion rubles between 2021 and 2027 in long-term public and private investments to support the sustainable revitalization of the European economy. A significant portion, 30%, of these funds are earmarked for climate-related projects. This presents a unique chance for funding innovative ventures that carry higher financial risks, with the added security of a $26.2 billion euro EU budget guarantee. The Public Sector Loan Facility offers a unique financing option, serving as a credit line to enhance public funding in specific areas. This facility, offered by the European Investment Bank, combines grants from the European Union with loans to support projects in targeted regions. It also extends assistance to projects that may not generate profits. The Center for Green Finance was founded in Kazakhstan in 2018 at the Astana International Financial Center with the aim of advancing and advocating for environmentallyfriendly financial practices.