KazNU scientists realize the project in the sphere of green economy

The Department of Finance and Accounting of the Higher School of Economics and Business of Al-Farabi Kazakh National University implements the project "Transformation of ESG financial instruments in the conditions of development of "green" economy of the Republic of Kazakhstan" within the framework of grant financing of the Ministry of Education and Science of the Republic of Kazakhstan.

The project is dedicated to the study of "green" financial instruments for the purposes of the new ESG (environmental, social and governance) paradigm of financial system development. It is implemented by a team of scientists under the leadership of Azhar Nurmagambetova, Head of the Finance and Accounting Department of HSEB, Candidate of Economic Sciences, Associate Professor. The team includes: candidate of economic sciences, acting associate professor of the Department of Finance and Accounting Aliya Nurgalieva and doctoral student Karlygash Kurbanova.

Significant results were achieved in the course of the study. As the project leader Associate Professor Azhar Nurmagambetova noted during the work was developed a refined interpretation of the concept of "green economy", "green finance", "ESG instruments" and "ESG risks". " Also, the relationship between the practices of "green banking" and the profitability of banks and the construction of an improved multiple linear regression model to establish the advantage of "green banking" was established. There was generalized domestic and foreign experience aimed at digitalization of financial instruments ESG, allowing to minimize the number of intermediaries in the implementation of Kazakhstan's transition to a green economy," - said A. Nurmagambetova. Scientific articles of the project participants were published in a number of authoritative, including international journals recommended by the COCKSNVO MNVO RK.

As part of the collaboration, project members conducted joint work with the Center for Green Finance of the International Financial Center "Astana" (IFCA). The research team prepared a report on "Sustainable Finance Market in Central Asia", reviewing the tools and mechanisms of financing to achieve the Sustainable Development Goals (SDGs - 7, 8, 13, 17).

The results of the study can be used by financial institutions, second-tier banks in assessing the effectiveness of green instruments, and the IFCA Green Finance Center.

It is planned to issue two joint thematic reports on sustainable finance markets in Central Asia.

Press-service of Al-Farabi Kazakh National University