Kazakhstan has presented its solutions of transforming public and private finance to reduce negative impact on nature at the global Nature for Life Hub event, organized by the United Nations Development Programme, the UN Environment Programme (UNEP), the Convention on Biological Diversity (CBD), with other partners.

This unique virtual event takes audiences on thematic journeys for a deep dive into specialist topics such as sustainable food production, transforming finance, and ecosystem protection, and explores some of the practical solutions and ambitious actions that are paving a path toward a nature-positive future. Participants include representatives from governments, international organizations, civil society, academia, local and indigenous communities and the private sector, with the aim of agreeing on a common agenda that lays the foundations for a ‘decade of hope and transformation’ for humanity and the environment.

Kazakhstan presented its best practices at the final session entitled  ‘Transformation of public sector finance’, showcasing the results of the legislative work, in particular the new Environmental Code, signed by the Kazakh President, Kassym-Jomart Tokayev, in the beginning of 2021.

The UNDP Biodiversity Finance Initiative (BIOFIN) contributed to the development of the new Environmental Code by proposing norms that aim at the conservation and sustainable use of biological diversity based on the principle of equitable distribution and access to natural benefits. These norms include biodiversity offsets , voluntary payments for ecosystem services, principles for the development of ecotourism in protected areas, carbon offsets and ‘green investments’.

These changes in environmental legislation go hand in hand with Kazakhstan's  commitments to conserve biodiversity and achieve carbon neutrality by 2060.