Enhancing the Green Energy Revolution: Analyzing the Impact of Financial and Investment Processes on Renewable Energy Projects in Kazakhstan

Shakeyev Sayan, Baineyeva Parida, Kosherbayeva Aigul, Yessenova Gulmira and Zhanseitov Azamat ()
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Shakeyev Sayan: Academician Y.A.Buketov Karaganda University, Karaganda, Kazakhstan
Baineyeva Parida: Department of Economics and Law of the Zhumabek Tashenev University Kazakhstan, Kazakhstan
Kosherbayeva Aigul: Applied Research Institute at the Academy of Public Administration under the President of the Republic of Kazakhstan, Kazakhstan
Yessenova Gulmira: Department “Accounting and Finance;, JSC Kazakh University of Technology and Business, Kazakhstan
Zhanseitov Azamat: Academy of Public Administration under the President of the Republic of Kazakhstan, Kazakhstan

Economics, 2023, vol. 11, issue s1, 165-182

Abstract: As a fossil fuel-dependent nation, Kazakhstan is caught between issues and possibilities in its search for a sustainable energy transition. Despite its tremendous resources, Kazakhstan’s renewable energy capacity is 1%, much behind its non-renewable peers. According to this research, green fiscal policies in renewable energy firms are needed to reduce the country’s political and economic dependence on the global oil sector. This report emphasizes regional collaboration and Kazakh-stan’s potential leadership in Central Asian Green Economy projects. Kazakhstan can promote renewable energy adoption and economic sustainability by forming regional alliances. Challenges lie ahead on the green future path, so this paper addresses legislative, infrastructure, financial, and data barriers to green fiscal initiatives in Kazakhstan. It stresses the significance of holistically tackling these concerns, including banking and stock market reforms and sustainable planning. Policymakers and stakeholders in Kazakh-stan can use the research findings to boost the economy, fight corruption, and increase political engagement. Upskilling the workforce to support green technology and local renewable energy production is recommended. The report recommends proactive global crisis prediction and management to help Kazakhstan handle economic and environmental challenges. Hence, the above actions are crucial to Kazakhstan’s goal of industrialization by 2050. Kazakhstan can lead a world rapidly moving to green energy by committing to green fiscal methods, regional collaboration, and addressing the many obstacles to development. By doing so, it can safeguard its future and advance the global green energy revolution.

Keywords: Kazakhstan; Green Economy; Renewable Energy; Investment; Economy Growth (search for similar items in EconPapers)
JEL-codes: D04 G18 Q48 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:econom:v:11:y:2023:i:s1:p:165-182:n:9

DOI: 10.2478/eoik-2023-0057

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