On the Washington Platform, the Transition to Renewable Energy in the Caspian Region Countries was Discussed
National company KAZAKH INVEST took part in an online discussion organized by the Washington Caspian Policy Center.
According to the CEO of the Caspian Policy Center, Efgan Nifti, due to the emergence of new markets and new industrial sectors, the Caspian region with its huge wind, solar, and hydro energy potential can help cope with uncertainty in global markets and growing global demand for energy.
The discussion was attended by several experts, including Dr. Robert Ichord, Senior Research Fellow at the Global Energy Center of the Atlantic Council, Azhar Iqbal Hussain, Head of Regional Business Development of the International Finance Corporation IFC (a division of the World Bank), and Zhandos Temirgali, Deputy Chairman of the Board of "NC "KAZAKH INVEST" JSC. The moderator was Bruce Pannier, Senior Fellow at the Caspian Policy Center.
The discussion participants discussed how the Caspian region can effectively transition to the rapidly developing global energy market in an accessible and sustainable way, and what problems the region's countries may face in diversifying their energy portfolio.
Thus, one of the important conditions is the joint and coordinated work of the region's states, the exchange of experience and new technologies. In addition, the key issues remain the transportation and storage of electricity.
Jandos Temirgali spoke about the special importance of the Caspian region for globalization and its huge investment potential.
"Kazakhstan has done a tremendous job in laying the legislative and regulatory foundation for the development of renewable energy sources, and only then was a transparent auction system gradually introduced. Currently, there are more than 140 renewable energy facilities in Kazakhstan with a total installed capacity of about 2.4 GW, which has increased the share of renewable energy in the country's electricity generation to 4.6%. According to the Concept for Kazakhstan's Transition to a Green Economy, we intend to achieve carbon neutrality by 2060. In addition, we are launching several breakthrough projects for the production of green hydrogen, which will be exported, including to the European Union. Joint development of strategic minerals for the production of batteries needed for the global energy transition also has great potential," said Jandos Temirgali.
The discussion provided valuable information on upcoming opportunities and challenges in the renewable energy sector in the Caspian region. The national company KAZAKH INVEST expressed readiness to develop cooperation with other industry leaders to unlock the potential of renewable energy sources in the region.
For reference:
The Caspian Policy Center is an independent nonprofit research center located in Washington, D.C. The Center conducts research on economic, political, and energy issues in the Caspian region.
Founded in 2016, the Center aims to become the main platform for research and discussions in the Caspian region with corresponding publications, events, and projects to form a comprehensive understanding of the development of the Caspian region. With its inclusive, scientific, and innovative approach, the Caspian Policy Center provides a platform for interaction between representatives of academic circles, business, and the political world both from the region and the United States to address various issues.
