Kazakh president sees green energy boom in developing world

Kazakh President Kazakhstan Nursultan Nazarbayev said here Monday that lower cost in harnessing wind, solar and other green energy sources has made it easier for developing countries to join the global renewable energy race and to tap into green financing.

"Green energy is now affordable for the developing countries and they are able not only to import adequate appliances like solar panels but join the process," Nazarbayev said in remarks made during the four-day 10th annual World Future Energy Summit, which started Monday.

The Kazakh leader called on emerging markets to take the opportunity to diversify their sources of energy and to save precious resources for the generations to come.

Alternative energy also provides an opportunity to expand the sources of financing for green and clean technology, Nazarbayev said, noting that in 2016, green bonds added up to 70 billion U.S. dollars globally, a six-fold increase compared to three years before.

He said that in 2015, investment in renewable energies and energy efficiency equaled for the first time investment into oil and gas. Endit