The first edition of the Industry Insights column features Alan Bokayev, an expert at the Astana International Financial Centre (AIFC) specialising in I-RECs. His professional insights provide valuable guidance on this important topic.
Alan Bokayev
I-REC Expert
Corpcomms
What are I-RECs, and how do they support the global transition to renewable energy?
Alan
I-RECs are internationally recognized certificates that confirm the generation of electricity from renewable sources. They provide companies with a credible tool to support global renewable energy deployment by allowing them to claim renewable energy usage regardless of their physical electricity grid.
Why should businesses in Kazakhstan and across the AIFC ecosystem consider purchasing I-RECs?
Purchasing I-RECs allows businesses to improve their ESG performance, meet sustainability targets, and demonstrate climate leadership.
Along with this, by purchasing I-RECs, companies provide additional source of funding to renewable energy producers, thereby supporting Kazakhstan’s renewable energy growth.
Along with this, by purchasing I-RECs, companies provide additional source of funding to renewable energy producers, thereby supporting Kazakhstan’s renewable energy growth.
How can I-RECs contribute to ESG reporting and carbon neutrality targets for companies operating in the region?
I-RECs directly contribute to companies’ Scope 2 emissions accounting, which refers to indirect greenhouse gas emissions from the generation of purchased electricity. By purchasing I-RECs, companies can claim the use of renewable energy in their ESG and sustainability reporting, demonstrating progress toward decarbonization and supporting corporate carbon neutrality targets.
What is the current state of the I-REC market in Kazakhstan, and how is the AIFC involved in its development?
AIX provides a transparent, reliable, and efficient platform for I-REC trading.
Kazakhstan's I-REC market is developing rapidly. In early 2025, AIX received accreditation from the I-TRACK Foundation to act as a Platform Operator for I-RECs, becoming the first stock exchange globally to offer this service. The first transaction took place in February 2025 between a Kazakhstan’s renewable power generator and an international trading firm.
Kazakhstan's I-REC market is developing rapidly. In early 2025, AIX received accreditation from the I-TRACK Foundation to act as a Platform Operator for I-RECs, becoming the first stock exchange globally to offer this service. The first transaction took place in February 2025 between a Kazakhstan’s renewable power generator and an international trading firm.
What steps should AIFC Participants take to get started with procuring I-RECs or integrating them into their sustainability strategy?
AIFC Participants should first set clear sustainability goals and ESG targets, calculate their electricity consumption from owned or leased assets such as offices and production sites, and aim to cover this consumption by purchasing I-RECs. To do so, they should engage with a licensed broker on AIX who will facilitate the transaction in accordance with the rules of the platform.
What are the AIFC’s further plans in developing Environmental Instruments trading?
AIFC plans to actively promote I-REC trading on AIX, both for Kazakhstan-based companies and neighboring countries, with the goal of positioning AIX as a regional and international platform for environmental instruments. Additionally, AIFC will continue to expand the offering by adding other environmental products, including voluntary carbon credits.
We expect to see growing demand for I-RECs driven by the gradual introduction of mandatory ESG-reporting and the expansion of voluntary environmental instruments, positioning Astana as an emerging hub for trading of such assets.
We expect to see growing demand for I-RECs driven by the gradual introduction of mandatory ESG-reporting and the expansion of voluntary environmental instruments, positioning Astana as an emerging hub for trading of such assets.