The Role of Green Bonds in Financing Sustainable Infrastructure in Kazakhstan: A Comparative Analysis with Italy

As the global economy expands, environmental challenges become more pronounced, leading to the rise of green finance, particularly green bonds, as a key tool for supporting sustainable development. Kazakhstan, rich in natural resources, faces opportunities and challenges as it transitions toward sustainability, particularly given its commitments under the Paris Agreement. However, its green bond market remains underdeveloped, with limited issuances and regulatory frameworks. In contrast, Italy has a more mature green bond market with established regulations and successful implementations. This research undertakes a comparative analysis of the green bond markets in both countries, with the aim of identifying best practices and lessons that could inform the growth of Kazakhstan's green bond market. The findings reveal that while both Kazakhstan and Italy face unique challenges, Italy's experience offers valuable insights into overcoming barriers to green bond market development. The thesis concludes with recommendations for Kazakhstan to enhance its green bond market and leverage it for sustainable infrastructure financing, ultimately contributing to the country’s transition to a greener economy.