Green Climate Fund and Eurasian Economic Union: Towards Convergent Interaction of Member States in Climate Finance Area (Journal of Global Economics Public Policy and Development)

Summary

• Kyrgyzstan committed to reducing greenhouse gas emissions by almost 16 % by 2030 under its Nationally Determined Contribution.p.10
• The Green Climate Fund allocated $8.5 million as grant co-financing alongside $ 10 million for climate change adaptation and food security initiatives in Kyrgyzstan.p.11
• Total approved Green Climate Fund financing reached $149 million for Kyrgyzstan, $229 million for Kazakhstan, and $205 million for Armenia.p.27
• Russia provided $10 million in voluntary contributions to the Green Climate Fund during the 2020–2022 period.p.25
• Belarus set a national target to cut greenhouse gas emissions by at least 42% by 2035 compared to 1990 levels.p.26
• The Qazaqstan Climate Investment Platform was launched in October 2026 as a dedicated mechanism valued at over $1 million dollars.p.20

Key insights

1. Kyrgyzstan, Kazakhstan, and Armenia actively carry out climate mitigation and adaptation programs supported by the Green Climate Fund.p.1
2. The Green Climate Fund approved USD 169, 920,000 for an electric mobility financing program covering multiple countries including Armenia, Kazakhstan, and Kyrgyzstan.p.14
3. Kazakhstan set an unconditional target of reducing greenhouse gas emissions by 15 % and a conditional target of 25 % by 2030 relative to 1990 levels.p.16
4. The Development Bank of Kazakhstan was designated as a Direct Access Entity by the Green Climate Fund in 2025.p.19
5. Armenia aims to reduce greenhouse gas emissions by 40 % by 2030 compared to 1990 baseline levels.p.20
6. ArmSwissBank obtained accreditation with the Green Climate Fund in February 2025, becoming Armenia's first private financial institution with direct access.p.24
7. Russia made voluntary allocations totaling $10 million to the Green Climate Fund trust fund between 2020 and 2022.p.25