Kyrgyzstan to establish a national carbon credit accounting system with support from the World Bank

Kyrgyzstan plans to launch a project in the near future to establish a national system for the accounting and trading of carbon credits. Implementation issues were discussed during a meeting between Altynbek Rysbekov and World Bank experts.

The focus of the discussion was the iFIRST project, aimed at establishing a unified carbon unit accounting system. It will be one of the first projects in the country in the field of carbon finance and is expected to be signed shortly.

The initiative is designed to support reforms in the energy sector and reduce greenhouse gas emissions. A key feature of the project is the ‘pay-for-performance’ mechanism – funding will only be provided once actual emission reductions have been verified using measurement, reporting and verification systems.

The project envisages attracting climate finance, as well as funds through carbon market mechanisms. If the results are verified, Kyrgyzstan could receive up to $4.5 million. Additionally, up to $5.5 million is envisaged through carbon mechanisms and a further $1.5 million in the form of grant-based technical assistance.

The funds received will be directed towards fulfilling the country’s climate commitments under the Paris Agreement, developing an emissions accounting system and establishing a national registry of carbon credits.