Green Economy Transition and Its Fiscal Consequences in Kazakhstan

  • 15 Jun 2017
  • Astana, Kazakhstan
  • EBRD, Ministry of Finance of the Republic of Kazakhstan

A global transition to a green economy will involve a significant transformation of how energy is produced and used. For example, successful implementation of climate change commitments could mean renewables make up around 80% of new power generation investment to 2030 in major economies. There may also be significant implications for the price of fossil fuels and the value of related assets.

This, in turn, may change the composition of national governments revenues and expenditures, as governments focus on making the best of the transition to a green economy. EBRD has been working with a number of international partners on understanding how these changes will impact the value of government assets and national budgets.

The focus is on fossil fuel assets and reserves, which are a major source of government revenue and expenditure. Approximately 70 per cent of fossil fuel reserves and related assets worldwide are owned or controlled by governments, and are at risk of becoming ‘stranded’ in the wake of the transition to a green economy.

Through planning and risk management approaches it is possible to effectivity manage fiscal risks and exploit emerging opportunities. For example, there are options which can simultaneously promote green economy and provide new sources of government revenue (e.g. environmental pricing and removing fossil fuel subsidies). 

Understanding fiscal risks and opportunities from a green economy transition is an innovative research area globally and will be the topic of this session. The EBRD is working with the Government of the Republic of Kazakhstan to better understand this challenge and will discuss emerging findings with a distinguished set of speakers.

Moderator

Mattia Romani, Managing Director, European Bank for Reconstruction and Development

Keynote speech

 H.E. Bakhyt Sultanov, Minister of Finance, Republic of  Kazakhstan

Respondents                            

Evgeny Vinokurov, Director of the Centre for Integration, Eurasian Development Bank

Amal Larhlid, Director, PwC, Global Fiscal Advisory

Rolf Alter, Director for Public Governance with the Organisation for Economic Co-operation and Development (OECD)

Catullus Helmer, Co-Founder and Partner, Enovid LLP, Former Advisor to the Kazakhstan Prime Minister

Wencai Zhang, Vice President, Asian Development Bank (TBC)


Participants of the Astana Economic Forum can register here.

For more information, please contact: Russell Bishop, Principal Economist, EBRD bishopr@ebrd.com.

Palace of Independence,

52, Tauelsizdik Ave 52,

Astana, Kazakhstan

You can see the agenda here.

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