During the 11th Summit of the Organisation of Turkic States (OTS), representatives from Türkiye, Azerbaijan, Uzbekistan, and Kyrgyzstan signed a Memorandum to establish the Turkic Green Finance Council, with the Astana International Financial Centre (AIFC) designated as its Secretariat.
The initiative was proposed by the President of Kazakhstan, Kassym-Jomart Tokayev, who suggested that the AIFC, a key financial hub in Central Asia, serve as the base for the Council’s operations. AIFC Governor Renat Bekturov signed on behalf of Kazakhstan, which will also assume the role of the first presiding country of the Council.
The primary mission of the Turkic Green Finance Council is to promote the growth of the green finance market within OTS member states, emphasizing the mobilization of ESG (Environmental, Social, and Governance) investments for environmentally sustainable projects. The Council’s activities will focus on creating strategic frameworks for green finance, developing taxonomies for sustainable investments, implementing ESG reporting standards for public companies, and facilitating collaboration on sustainable projects across the region.
Additionally, the Council will support the development of a shared portfolio of green finance projects, organize training programs, and host regional forums on ESG topics. These initiatives aim to enhance knowledge sharing and increase the flow of capital into eco-friendly ventures.
“The establishment of the Turkic Green Finance Council marks an important milestone for OTS countries in advancing sustainable finance. The AIFC is honored to play a central role in driving this initiative and supporting the development of green financing instruments,” said AIFC Governor Renat Bekturov. “The AIFC Green Finance Centre has already played a leading role in Central Asia’s green finance sector. To date, 60% of green bonds and loans in Kazakhstan have been verified by the Centre.”
The AIFC Green Finance Centre, which is instrumental in the region’s sustainable finance landscape, also serves as the regional office for the Green Investment Principles under the Belt and Road Initiative. It is accredited by the Climate Bonds Initiative (CBI) for Climate Bonds Standard verification and is listed among verifiers by the International Capital Markets Association (ICMA).
The Council is open to membership from financial regulators, development institutions, financial sector associations, and government bodies focused on environmental protection, sustainable finance, and economic policy development. By establishing the Turkic Green Finance Council, OTS member states aim to strengthen regional cooperation and attract sustainable investments, ultimately driving the transition towards a green economy.
