ASTANA — Astana International Exchange (AIX) has launched the trading of International Renewable Energy Certificates (I-REC), marking a milestone in developing sustainable finance and the carbon market in Kazakhstan.

I-REC is one of the global leaders in the voluntary renewable energy certificate market, operating in over 50 countries. Photo credit: AIFC

The Astana International Financial Centre’s (AIFC) press service reported on Feb. 25 that the first transaction involved the London-based trading firm Valor Carbon purchasing 1,000 I-REC certificates from Samruk-Green Energy, Kazakhstan’s renewable energy producer.

I-REC is a global leader in the voluntary renewable energy certificate market, operating in over 50 countries. These certificates confirm that electricity has been generated from renewable sources. In September 2024, the certificates verified by the ECOJER Association were added to AIX’s suite of sustainable finance products, becoming the first environmental instruments on the exchange.

Daniyar Kelbetov, the chief product officer at AIFC authority, emphasized that the launch of the I-REC trading platform demonstrated their commitment to sustainable, market-driven solutions for reducing the carbon footprint. He mentioned that their center would continue collaborating with leading international organizations to introduce more environmental products, including carbon trading instruments.

“We believe that the development of the voluntary carbon market is one of the new directions that will enhance AIFC’s contribution to sustainable development in our region and facilitate integration with global markets,” he said.

Nurzhan Aspandiyar, director of Valor Carbon in Central Asia, stated that Valor Carbon is an international company specializing in carbon markets and I-REC trading. He expressed his pleasure in participating in AIX’s pilot trading initiative, noting that it represented a significant step in developing climate finance markets in the region. He mentioned that AIX is the first exchange in Kazakhstan to provide infrastructure for trading I-REC and other sustainable assets.

“We look forward to actively collaborating with AIX to expand the range of climate instruments and strengthen the integration of Kazakhstan’s I-REC market into the global trading ecosystem. This is not just a local initiative but a major step toward advancing the carbon credit market and sustainable financial mechanisms in Central Asia,” he said.

AIFC is an independent jurisdiction with a favourable legal and regulatory environment. It offers developed infrastructure for starting and conducting business, attracting investment, creating jobs, and fostering economic growth in Kazakhstan.

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