The development of Sukuk as an alternative instrument for investment is recorded a remarkable initiative by many countries. Green sukuk, green Islamic financial instrument, have the potential to unlock investments in climate change mitigation and adaptation, particularly access to private and international finance from responsible investors with green investment targets. However, Sukuk finance marks an undervalued critical enabler for just environmental transition partnerships.

Assoc. Prof. Dr. Akhmad Affandi Mahfudz, CPIF, a scholar and representative of Unida Gontor speaking the above concern during International scientific and practical conference on the topic: State environmental policy of the Republic of Kazakhstan in the context of the transition to sustainable development», dedicated to the 70th anniversary of Doctor of Law, Professor, Academician of the Russian Academy of Natural Sciences YELYUBAYEV ZHUMAGELDY SAKENOVICH and the 90th anniversary of Al-Farabi KazNU March 05, 2024.

During this event, he also shared the development of regulation and best practices of sovereign Sukuk in Indonesia as part of its commitment on net-zero carbon emission target by mid-century and financing climate change mitigation.

The above event has been successfully organized by Faculty of Law, Department of Customs, Financial and Environmental Law, Al Farabi Kazakhs National University Kazakhstan that attended by global experts, scholars and scientist such as from Russia, Belarus, Poland, Uzbekistan and Indonesia.

At the end, he concluded Sukuk financing is inseparable part of partnerships on issues such as decarbonization, climate change and other environmental issues require closer scrutiny to ensure that sustainability concerns are addressed.