41st Meeting of Berlin Eurasian Club reviews prospects for introducing ESG principles

Kazakh and European governmental officials, experts, representatives of academic and business communities, as well as financial institutions were invited to the event.

In his welcoming remarks, Deputy Minister of Foreign Affairs of Kazakhstan Roman Vassilenko highlighted the key outcomes of the official visit of the Federal Chancellor of Germany Olaf Scholz to Astana on September 16-17 as well as Kazakhstan's experience in implementing ESG (environmental, social and governance) principles.

Roman Vassilenko said that during the visit to Kazakhstan, Federal Chancellor of Germany Olaf Scholz and President of Kazakhstan Kassym-Jomart Tokayev hailed the Berlin Eurasian Club’s activity.

He emphasized that the effectiveness of this dialogue platform enables the Kazakh-EU business partnership to develop in new formats of interaction.

In his words, 41 documents worth $6.3 billion had been signed during the Kazakh-German Business Forum with the participation of President Tokayev and Chancellor Scholz.

Roman Vassilenko also called on European partners to expand their investments in Kazakhstan, taking into account the application of sustainability principles across all sectors of the economy.

He said: “Kazakhstan is promoting a new economic paradigm aimed at creating an economy based on sustainability and environmental responsibility, implementing business obligations aligned with European and German sustainable supply chain laws, and developing a carbon credit trading system”.

The strategic goal of achieving climate neutrality by 2060 was also emphasized.

In turn, Cyril Loisel, International Relations Officer of the General Directorate of Energy at the European Commission, welcomed Kazakhstan's measures, particularly highlighting a large-scale project for the production of “green” hydrogen implemented by the company HYRASIA/Svevind, and Kazakhstan's accession to the Global Methane Pledge.

He also underscored the prospects for developing interconnectivity between European and Central Asian electrical grids and the importance of timely implementation of projects in this area.

Vice Minister of Ecology and Natural Resources of Kazakhstan Mansur Oshurbaev (online), Chairman of the BEC Advisory Council Peter Tils, Director for “Green” Transition at the German Eastern Business Association Jens Boelmann, Chairman of the Board of the International Center for Green Technologies and Investment Projects Didar Karimsakov, Managing Director for Products of the Astana International Financial Center Administration Daniyar Kelbetov, and others were among the attendees of the meeting.

It was noted that one of the leading drivers of ESG principles in Kazakhstan is the financial sector. A number of regulatory acts has been adopted to stimulate and enhance transparency of ESG approaches in the activities of banking and financial institutions, including in the financing of new projects.

The participants unanimously agreed that the widespread transition to sustainable and responsible business in line with ESG principles is becoming an increasingly important factor and even a fundamental prerequisite for maintaining the competitiveness of the economy and developing international economic relations. In this sphere, further deepening of cooperation between Kazakhstan and its European partners is gaining particular importance.

The Berlin Eurasian Club was established in 2012. The Club's activities are aimed at maintaining dialogue between Kazakhstan, Central Asia, and the European Union in socio-political, trade-economic, and educational spheres. The Club’s platform allows politicians, businesspeople, scientists, and experts to “sync up” on current issues of the Kazakh-German and Kazakh-European agenda, engage in open exchanges of opinions, and develop proposals for further cooperation.