The Astana International Exchange (AIX) has introduced the trading of International Renewable Energy Certificates (I-REC), heralding a significant development in sustainable finance and carbon markets within Kazakhstan. This initiative, which includes the first transaction involving 1,000 certificates between London-based Valor Carbon and Kazakhstan's renewable energy producer Samruk-Green Energy, underscores the country's commitment to green initiatives. The AIFC, where the exchange is located, aims to expand its suite of environmental products, including carbon trading instruments, further enhancing regional and global market integration.
The introduction of I-REC trading represents a pivotal moment for Kazakhstan’s financial sector. As one of the global leaders in the voluntary renewable energy certificate market, operating across more than 50 countries, I-REC certifies that electricity originates from renewable sources. In September 2024, these certificates, verified by the ECOJER Association, became part of AIX's sustainable finance offerings, marking them as the first environmental instruments on the exchange.
Daniyar Kelbetov, the chief product officer at AIFC authority, highlighted the importance of this launch. He stated that it exemplifies their dedication to reducing the carbon footprint through market-driven solutions. The center plans to continue working with international organizations to introduce additional environmental products, thus fostering sustainable development and facilitating integration into global markets.
Nurzhan Aspandiyar, director of Valor Carbon in Central Asia, expressed enthusiasm about participating in this pilot trading program. He noted that AIX is pioneering infrastructure for trading I-REC and other sustainable assets in Kazakhstan. This collaboration is expected to broaden the range of climate finance instruments and integrate Kazakhstan’s I-REC market into the global ecosystem. It signifies a major advancement in the carbon credit market and sustainable financial mechanisms in Central Asia.
AIFC operates as an independent jurisdiction with a favorable legal and regulatory framework. It provides robust infrastructure for business operations, attracting investments, creating employment opportunities, and stimulating economic growth in Kazakhstan. The launch of I-REC trading on AIX not only enhances local sustainability efforts but also positions Kazakhstan as a leader in green finance within the region.