DIRECTIONS FOR DEVELOPING THE RESPONSIBLE INVESTMENT SUPPORT ECOSYSTEM IN KAZAKHSTAN IN THE CONTEXT OF IMPLEMENTING THE NATIONAL CONCEPT OF SUSTAINABLE DEVELOPMENT

Abstract

The purpose of the study is to develop practical recommendations for the formation of an effective ecosystem of financial support for environmentally responsible investments in Kazakhstan based on the study of foreign experience in the development of “green” financing and ESG investments.Methodology – in the course of the study, methods of comparative assessments, logical generalization, analogy, systematization and grouping of data were used; the study was based on publications of domestic and foreign authors in scientific publications.Originality / significance of the study – the results of the study can be applied in improving the state policy in the field of building an ecosystem of responsible investment and “green” financing in Kazakhstan. The comprehensive use of the research results will give impetus to the development of the financial market of Kazakhstan and increase the effectiveness of the financial policy, ensuring the sustainability of the economy.Research results – the concept of an ecosystem is considered and its main elements are described; the content of the ecosystem of financial support for environmentally responsible investments is studied; the elements of the global ecosystem supporting responsible financing and “green” finance are typologized and international organizations developing a methodology for responsible investment at the global, interregional and national levels were identified; the analysis of measures for the development of the “green” component of Kazakhstan stock market is carried out, the volume of ”green” bonds on the KASE and AIX exchanges was estimated.The general scheme of the ecosystem of financial support for environmentally responsible investments in Kazakhstan is presented, which will be based on the Agency for Regulation and Development of the Financial Market, the Ministry of Ecology, Geology and Natural Resources, the Ministry of Energy, “Astana” International Financial Center. Recommendations for more active involvement of the National Bank of Kazakhstan and local authorities in the development of environmentally responsible financing are formulated. In conclusion, 10 main directions of further development of the ecosystem of “green” financing in Kazakhstan are proposed.