On May 27, 2021, the Green Investment Principles (GIP) for the Belt and Road launched its first Regional Chapter in Central Asia. The announcement was made by Ma Jun, Co-chair of the GIP Steering Committee, at the online event, “GFLP in the Context of Net Zero: Inauguration of the GIP Regional Chapter in Central Asia”, hosted by the Beijing Institute of Finance and Sustainability (BIFS), the AIFC Green Finance Centre and the Mongolia Sustainable Finance Association.

Chaired by Mr. Yaseen Anwar, former Governor of the State Bank of Pakistan, and supported by the AIFC Green Finance Centre, the GIP Regional Chapter in Central Asia aims to establish closer ties with local financial institutions and regulators and contribute to the local agenda of sustainable development, recognizing the important role that Central Asia plays in the Belt and Road Initiative and the pressing needs for low-carbon transition. Specifically, it envisions to develop better understanding of local contexts in addressing environmental and climate challenges with financial tools, identify prospective GIP members, and collect green project information for existing GIP members to unlock potential green investment opportunities.

Mr. Yaseen Anwar, Chairman of GIP Central Asia, emphasized in his speech the huge opportunity in showing to the world how the GIP Central Asia Chapter can assimilate its knowledge base and resources to develop a clear long-term path to carbon neutrality. “This transition to a net zero economy is the greatest collective endeavor we must undertake going forward. How capital is allocated to support this effort is a priority, and as owners and stewards of capital, we have responsibilities to direct investment to activities that promote sustainable development”, he said.

Aidar Kazybayev, CEO of AIFC Green Finance Centre commented: “I want to congratulate teams in Beijing and in Nur-Sultan, as well as our Chair Yaseen Anwar with a launch of regional office for Green Investment Principles in Central Asia. It is a great initiative which is aligned with a mandate of Astana International Financial Centre to develop and support green finance initiatives in the region”.

“The IEA predicts that to get to net-zero by 2050 we will need to triple investment in renewable energy to $1.6 trillion in 2030. The GIP regional chapters are a key part of this. Today’s launch of the Central Asia chapter paves the way for a series of regional chapters which will help transform the investment landscape on the BRI”, said James Pennington, Lead of Circular Economy & China Partnerships at the World Economic Forum.

In order to expand its reach and influence along the Belt and Road, the GIP plans to launch more regional chapters in the coming years, through close collaboration with the World Economic Forum and other local partners, in key regions with great potential and imminent needs for green investments. In addition to engagement with local stakeholders, the regional chapters will serve to disseminate knowledge and expertise for environmental and climate risk analysis and management, and accelerate the flow of private capital into green projects on the ground.