BAKU, Azerbaijan, December 23. Uzbekistan’s share of renewable energy in the power generation mix could reach up to 39 percent by 2030, Trend reports via the CAREC Energy Outlook 2030, prepared by the experts of the Asian Development Bank (ADB).
According to the report, Uzbekistan’s geographic position creates exceptional conditions for renewable energy development.
Meanwhile, the ADB noted that the share of renewable energy is forecast to grow at a pace that differs, according to various scenarios.
“Despite Uzbekistan’s expected continued reliance on natural gas to generate power, the electricity mix is projected to see significant changes by 2030. The share of wind is projected to grow rapidly (up to 7 percent), as well as solar energy (8 percent). The Business-As-Usual (BAU) scenario foresees a slightly lower share of 7 percent combined wind and solar, while the Green Growth scenario projects 27 percent combined, reflecting the large potential of Uzbekistan’s renewable sources,” the report said.
The ADB emphasized that Uzbekistan’s current status with renewable energy projects highlights the country's large potential for private investments.
“With abundant solar, as well as wind potential, and the government’s prioritization of diversifying and decarbonizing the energy mix, an impressive pipeline of projects is expected to grow. The tender mechanism that has been developed in cooperation with IFIs (International Financial Institutions) is well regarded because of its relative simplicity, transparency, and speed of decision-making,” the bank added.
Furthermore, Uzbekistan has already taken an innovative approach to the development of renewable energy capacities by cooperating with IFIs to hold capacity auctions for large-scale projects.