Hamburg discusses new rules for financing the global energy transition
The prestigious Hamburg Sustainability Conference (HSC) was held in Hamburg, Germany, bringing together leading global experts and policymakers to discuss how rising geopolitical tensions and a shortage of capital are hindering the financing of the global transition to clean energy. The large-scale forum was officially opened by German President Frank-Walter Steinmeier.
Participants identified the unequal distribution of investment as one of the main challenges. Financial resources continue to flow primarily to low-risk markets rather than to countries where green reforms are needed most. Developing nations still face high borrowing costs, currency risks, and a lack of long-term financing. Amid growing geopolitical competition, governments are also finding it increasingly difficult to secure clean technology supply chains and invest in capital-intensive sectors such as hydrogen energy and carbon capture.
Central Asia received special attention during the conference. Speaking at a dedicated session, Yerlik Karazhan, Chief Executive Officer of the Central Asian Climate Fund (CACF), emphasized that the region possesses enormous potential thanks to its abundant solar, wind, water resources, and critical minerals. However, he stressed that Central Asia urgently needs a more flexible financial architecture capable of reducing investment risks and attracting major private capital.
Notably, Yerlik Karazhan is the only representative from Central Asia serving on the prestigious High-Level Advisory Council on the Green Transition. His appointment is expected to strengthen the region's voice in promoting its environmental and economic interests at the global level.
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