FINANCING THE TRANSITION OF URBAN TOURISM ENTERPRISES TO LOW CARBON DEVELOPMENT IN KAZAKHSTAN UNDER CLIMATE CHANGE

Abstract

This article examines how financing instruments can support the low-carbon transition of urban tourism small and medium-sized enterprises (SMEs) in Kazakhstan, with particular attention to Almaty. The study uses a qualitative review of policy documents, official
financial statistics, programme descriptions and academic literature. It compares public support, international development finance, commercial lending, microfinance and venture capital in terms of eligibility, affordability, investment suitability and environmental requirements. The review identifies a mismatch between the availability of financing channels and the preparation, repayment and monitoring needs of tourism projects. Its contribution is a context-specific decision framework that links project readiness, seasonal cash flow and environmental evidence to the selection and sequencing of financial and technical support. The framework operationalises established blended finance principles for urban tourism SMEs; it does not constitute a new financial instrument or an
empirically validated funding model. A proposed coordination mechanism connects project preparation, financing decisions and performance monitoring. Policy priorities include targeted project preparation assistance, proportionate risk sharing and reporting that distinguishes capital mobilised from emissions reduced. Enterprise-level data and pilot evaluation are needed to assess the framework's effectiveness and transferability.