Kazakhstan’s Damu Entrepreneurship Development Fund has received the Green Market Pioneer award from the 6th Annual Climate Bonds Awards 2021 for the issuance of the first ever green bonds at the Astana International Exchange (AIX) with the support of the United Nations Development Programme (UNDP) last August, the UNDP in Kazakhstan said on April 23.

The green bond initiative was carried out within the framework of a joint project between UNDP and the Ministry of Energy of Kazakhstan, dubbed “De-risking renewable energy investment in Kazakhstan”, funded by the Global Environment Facility (GEF). Under the agreement with Damu Fund, the UNDP subsidised a portion of the coupon rate for the bonds and provided technical support in the selection of green projects. The proceeds were then used to finance the construction of a micro solar power plant in Kazakhstan’s Turkestan Region.

“This is a public acknowledgement to all organisations and governments that are at the forefront of shifting capital towards low carbon solutions and the larger transition to net-zero, providing real economy examples of where investment should be going.” said Sean Kidney, CEO at Climate Bonds Initiative.

“In addition to addressing environmental issues, investments into the green economy present a unique opportunity to accelerate socio-economic development, stimulate economic diversification, generate new jobs and support SMEs,’’ said Yakup Beris, UNDP resident representative in Kazakhstan.