The Central Asia Regional Economic Cooperation (CAREC) has endorsed the Energy Strategy 2030, a roadmap and set of regulations to help member states to improve energy security, sustainability and investments.
CAREC is a partnership of 11 countries—Afghanistan, Azerbaijan, the PRC, Georgia, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan and Uzbekistan.
Energy Strategy 2030 provides recommendations on how to increase investments and the adoption of green technologies over the next decade. Central Asia requires up to $400 billion in investments to address energy poverty, meet growing energy demand as well as to modernise the infrastructure for utilities.
The strategy will enhance cooperation amongst CAREC member states in managing and interconnecting energy systems. This will improve energy trading within the region.
As a result of the endorsement, the CAREC Green Energy Alliance will be created to co-finance climate mitigation projects.
To date, renewable energy adoption is very low, amounting to 1% of the total energy capacity produced in the region.
Climate change is a hot topic disrupting the energy industry and is also set for discussion at the Asian Utility Week and POWERGEN Asia conference. Click here to register to attend and for more information about the event.
Women will also be empowered to participate in the energy industry.
Shixin Chen, vice president of the Asian Development Bank, said: “Based on multilateral and bilateral cooperation, CAREC now has a roadmap toward a future in which electricity supply is reliable, affordable, cleaner, and more sustainable—conditions that are vital to ensuring continued economic development.”
Mr. Ashok Bhargava, Director of the Energy Division at ADB’s Central and West Asia Department, said, “While the energy sector has done remarkably well during a challenging period of rapid growth, the implementation of a shared vision by CAREC members has the potential to deliver far-reaching benefits to regional economies in the next decade in terms of new investment, jobs, skills, and knowledge development.”
Since 2001, the CAREC Program has financed 200 regional projects worth $37.0 billion in the areas of transport, energy, and trade. Of this, $14.0 billion has been financed by ADB; $14.8 billion by other development partners such as the World Bank, the Islamic Development Bank, and the European Bank for Reconstruction and Development; and $8.2 billion from CAREC governments.