BAKU, Azerbaijan, July 15. Renewable energy will play a greater role across Central Asia but this is a process, which will take some time, the official at European Bank for Reconstruction and Development told Trend.
Countries of Central Asia have been making a point to develop low emissions economy by switching to renewables and making more ‘green’ solutions. The EBRD and Kazakhstan also agreed to develop a long-term cooperation strategy to achieve carbon neutrality in the country’s power sector by 2060. In 2021 EBRD invested $630 million in 18 projects in Kazakhstan, 40 percent of which are classified as “green”.
In Uzbekistan, the EBRD continued its efforts to help the country develop its low carbon pathway and achieve carbon neutrality in the power sector by 2050. The Bank and the Uzbek government also agreed to develop a long-term low greenhouse gas emissions and climate resilience strategy to take the country toward Paris Agreement alignment.
A number of renewable energy projects with international developers were financed by us in the two countries. EBRD is also working on similar initiatives and projects in the Kyrgyz Republic and Tajikistan, where EBRD concentrates on greater efficiency of the existing power distribution networks and wider use of renewable energy (hydro and solar) in the power supply mix.
“Most regional economies understand and take on board the importance of the Paris Agreement and try to align their respective decarbonization plans with it. Traditionally many countries still heavily rely on fossil fuels like coal and in this respect the switch to gas as a transitional fuel is a short-to-medium term plan. Renewable energy will play a greater role across Central Asia but this is a process, which will take some time. The use of oil and gas will, of course, continue for many years,” the EBRD official said.