The “Classification (taxonomy) of “green” projects subject to financing through “green” bonds and “green” loans” (as approved by Decree of the Government of the Republic of Kazakhstan No. 996 dated December 31, 2021) is a unified system of classification of economic activities, project categories, and assets aimed at increasing the efficiency of use of existing natural resources, lowering the level of negative environmental impacts, increasing energy efficiency, energy savings, climate change mitigation, and climate change adaptation.
<a href="https://aifc.kz/wp-content/uploads/2024/05/green-finance-market-kz-10-m-2023.pdf" target="_self">According to the AIFC's (Astana International Finance Centre) Green Finance Centre</a> (<a href="https://aifc.kz/wp-content/uploads/2024/05/green-finance-market-kz-10-m-2023.pdf" target="_self">https://aifc.kz/wp-content/uploads/2024/05/green-finance-market-kz-10-m-2023.pdf</a>), adoption of this Taxonomy contributed to market players’ rising interest in sustainable financial instruments as well as in projects on the transition of the country’s economy to low-carbon development.
This Taxonomy (updated on 27 March 2024) covers eight project categories:
<ol>
<li>Renewable energy;</li>
<li>Energy efficiency;</li>
<li>Green buildings;</li>
<li>Pollution prevention and control;</li>
<li>Sustainable water use and waste;</li>
<li>Sustainable agriculture, land management, forestry, biodiversity conservation and ecotourism;</li>
<li>Clean transport; and</li>
<li>Transitory energy (additional category).</li>
</ol>

Taxonomy of Green Projects

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Justice is the ethical and political framework that addresses fairness, including issues of responsibility, rights, and structural inequity.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives

A loan is a policy instrument where funds are provided to a borrower with the expectation of repaying the principal plus interest.

Tradable permits are market-based tools that grant permission for specific activities, frequently used to regulate emissions. These permits can be issued within a trading system to manage environmental impacts.

Codes and standards are regulatory instruments that specify minimum standards to protect health and safety. This ranges from performance standards, which prescribe outcomes while allowing flexibility to achieve compliance, to the more prescriptive approach of technology-specific standards.

Actions or measures to adapt terrestrial systems to climate change.

Actions or measures to adapt freshwater systems to climate change.

Actions or measures to adapt freshwater, coastal and marine systems to climate change.

A long-lived, colourless gas, chiefly emitted from fossil fuel combustion, deforestation and cement production.

Agriculture mitigation refers to practices used to mitigate greenhouse gas emissions at every level of the agrifood systems, from production to consumption.

Actions to reduce emissions in energy generation and supply.

Energy derived from biological compounds that are renewable due to their short life cycle within the carbon dioxide cycle.

Heat extracted from the ground, usually in the form of hot water or steam and typically referred to as hydrothermal fluid.

Production of electricity and heat from solar irradiation.

Fossil gas, commonly known as natural gas, is a fossil fuel consisting chiefly of methane with smaller amounts of other hydrocarbons and trace gases, found in underground deposits.

The activities of industries that transforms raw materials into finished goods through industrial processes.

The activities of industries involved in the production, distribution, and sale of energy, including electricity, gas, and renewables.

Activities that involve planning, designing and building infrastructure, residential, and commercial structures.

This sector involves activities to move goods and people, alongside the storage of products.

Activities that provide lodging, food, and entertainment services to guests, including hotels, restaurants, and resorts.

This sector provides communication services, software development, and IT solutions.

Activities of businesses and institutions that provide financial services and products to individuals and organisations.

Activities that involve the cultivation of crops and raising of livestock for food, fibre, and other products essential for human life and industry.

Activities that relate to the production of goods and services from forests.

This sector involves the distribution, treatment, and conservation of water resources.

the fair distribution of risks and opportunities of climate change and the transition to a regenerative economy, cognisant in particular of disproportionate impacts on vulnerable communities and the working class

Slow onset events evolve gradually from incremental changes over many years or from increased frequency or intensity of recurring events. As defined in the Cancun Adaptation Framework (2010), slow onset events include risks and impacts from rising temperatures, desertification, biodiversity loss, land and forest degradation, glacial retreat, ocean acidification, sea level rise, and salinization.

Taxonomy of Green Projects

Policy instrument

Risk

Climate justice

Renewable energy

Fossil fuel

Greenhouse gas

Economic sector

Adaptation/resilience