Green economy - The Times Of Central Asia

Viewing results 1 - 6 of 65

IFC Increases Investments in Central Asia

The International Finance Corporation (IFC), a member of the World Bank Group, says it committed $1.04 billion in Central Asia in the fiscal year 2024, which started on July 1, 2023, and ended on June 30, 2024. The funds comprised over $400 million in long-term financing from IFC’s account, $600 million in mobilization, and $35 million in short-term trade and supply-chain finance to facilitate trade flows. The funds, coupled with advisory support, aimed to increase private sector participation, create jobs, boost financial inclusion, bolster infrastructure, and support the region’s green transition. Priority sectors included finance, capital markets, renewable energy, agriculture, and infrastructure. Over the last fiscal year, IFC-supported projects in the Central Asian region created about 35,000 jobs, including more than 13,000 for women. Strengthening local financial markets is among its key objectives. To that end, the IFC invested $228 million in 10 financial institutions in Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan, with up to half earmarked for women entrepreneurs and rural enterprises. The IFC also supported local financial institutions in growing their micro, small, and medium enterprises (MSME) businesses, advancing climate finance and digital transformation, and issuing the first-ever sustainability, social, and green bonds. The IFC and the World Bank financed a new solar plant with the country’s first battery energy storage system to support Uzbekistan's green transition and climate action. The plant is expected to provide electricity access to approximately 75,000 households in the Bukhara region. In Tajikistan, the IFC invested in the country’s first green bond, issued by Eskhata Bank. The bond will support climate-smart projects and MSMEs undertaking environmental projects. In Kazakhstan and Kyrgyzstan, in addition to investments to increase financial inclusion, the IFC has been evaluating new advisory and investment opportunities, including PPPs in areas such as drinking water supply, renewable energy (including geothermal solutions for heating and cooling), railway projects as part of the Middle Corridor, and the first municipal green bonds in Central Asia. The IFC also supports Kazakhstan's accelerated methane mitigation efforts, which align with the Global Methane Pledge. Wiebke Schloemer, the IFC’s Director for Türkiye and Central Asia, reiterated its commitment to the region: “Over the past 20 years, the region has seen substantial development, with an average annual growth rate of 6.2 percent. Central Asia must leverage the green transition to boost private investment, strengthen connectivity, and reduce resource dependency to continue this growth. The IFC aims to address these goals and continue to deliver solutions where we are needed most — from increasing access to finance for farmers and women entrepreneurs to creating jobs to continue to help countries transition to net zero.”

Environment Green economy Legislation Economy Environmental Awareness Carbon Emission

Only Half of Kazakhstan’s CO2 Emissions are Subject to State Regulation

Environmentalists say that Kazakhstan's quota system for greenhouse gas emissions covers only half of the country's emissions. This means that the state only has real leverage over large industrial polluters. Experts say that the state needs to pay further attention in the near future to emissions in three sectors: agriculture, forestry, and waste management systems. These sectors currently remain virtually uncontrolled in terms of environmental emissions. Kazakhstan ratified the UN Framework Convention on Climate Change in 1995 and, in 2016, presented its plan to the world community for transitioning to a green economy and achieving carbon neutrality. The carbon neutrality strategy envisages a 15% reduction in the 1990 level of emissions by 2030 (from 386.3 to 328.4 million tons of CO2) and achieving a net zero balance of greenhouse gases by 2060. The country has implemented a quota system for greenhouse gas emissions, and any industrial facility with emissions exceeding 20,000 tons of carbon dioxide per year is subject to quotas. However, those “polluters” whose activities result in emissions of 10 to 20 thousand tons of CO2 are subject to regulation and must report to the state for their emissions, but they are not subject to quotas. Finally, economic entities that do not even reach 10,000 tons of emissions are not obliged to notify the state about the environmental damage they cause. As a result, the state can regulate only half of emissions. Aigul Malikova, coordinator of the Central Asia Regional Environmental Network in Kazakhstan, explained to The Times of Central Asia: “In 2021, according to the national inventory, the actual volume of emissions across Kazakhstan amounted to 340 million tons, and quotas, including even additional ones, were issued for only 176 million, which means that only half of all greenhouse gas emissions fall under regulation, and in fact, we can affect only half of all emissions now. The situation is aggravated by the fact that in 2021, Kazakhstan produced one-third more emissions than the quotas granted; in 2022, this excess was 3%; that is, even regulated enterprises emit more than they are allowed under the quotas.” Malikova also noted there is no data for 2023. Still, it is already clear that the government needs to control not only major industrial polluters but also other sectors of the economy that need to be more accountable in terms of emissions regulation to achieve carbon neutrality. However, assessing their contribution to total emissions is difficult since they are not even legally required to submit reports. Paradoxically, such sectors include agriculture and forestry, which by definition should be environmentally “clean,” as well as the waste management system and housing and communal services. “For these three sectors - agriculture and forestry, waste management and housing, and communal services - data on greenhouse gas emissions could not be assessed at all. In the national reporting, this data is absent in the context of regions. In the reporting of the carbon cadastre, this data is also absent, and because they are not subject to quotas, no...

Economic Cooperation International Cooperation Environment Green economy

Foreign Companies to Invest in Waste Recycling Plants across Uzbekistan

On October 21, Uzbekistan President Shavkat Mirziyoyev attended a presentation on new projects for recycling household waste into electricity. As reported by the president’s press service, Uzbekistan produces 14 million tons of solid waste annually, but only 4-5 percent is recycled. As a consequence, over 7 million tons of greenhouse gases and 43,000 tons of toxic substances formed at waste landfills are annually emitted into the atmosphere and penetrate the soil. To resolve the problem, the Ministry of Ecology, Environmental Protection, and Climate Change has prepared several projects with foreign investors. The plan is to build waste incineration plants across Uzbekistan and process landfill gases at the Akhangaran landfill, with a total investment of about $1.3 billion. A Chinese company, CAMC Engineering, will invest $350 million in constructing two waste incineration plants in the Andijan and Tashkent regions, capable of processing 4,000 tons of waste daily and generating 630 million kilowatt-hours of electricity annually. Another Chinese company, Shanghai SUS Environment, plans to invest $310 million in building two plants in the Samarkand and Kashkadarya regions to process 3,000 tons of waste daily and generate 480 million kilowatt-hours of electricity annually. The United Arab Emirates Group is to invest $200 million in a plant in the Bukhara and Navoi regions to process 1,500 tons of waste daily and generate 363 million kilowatt-hours of electricity annually, and Sejin (Republic of Korea) will invest $55 million in the construction of a 16-megawatt electricity plant in the Akhangaran district of Tashkent to generate electricity from landfill gases. The combined projects, to be implemented between 2025-'27, are predicted to burn over 4.7 million tons of solid municipal waste annually and generate 2.1 billion kilowatt-hours of electricity worth $97 million, saving 152 million cubic meters of natural gas and reducing greenhouse gas emissions by 2.4 million tons. Back on September 26, the President of Uzbekistan established the Agency for Waste Management and Circular Economy Development aimed to introduce modern methods of collecting, sorting, and recycling waste and producing alternative energy, raw materials, and organic fertilizers. Eco-industrial zones are also to be created on landfill sites across Uzbekistan.

Waste Recycling Investment Environment Green economy

Kazakhstan Recycles 24% of Waste It Produces

Deputy Minister of Ecology and Natural Resources Zhomart Aliyev said at the VIII Eurasian Business Forum "Green Energy & Waste Recycling" in Astana on October 3 that in 2023, 4.1 million tons of municipal waste were produced across Kazakhstan, and only 24% of that volume was recycled. According to Aliyev, unauthorized landfills remain a big problem. A total of 4,868 such landfills have been identified, and only 32% of them have been recycled. As of 2023, only 624 out of Kazakhstan's 3,016 solid waste landfills met all the environmental requirements. The government has approved 94 investment projects to construct waste processing plants in Kazakhstan, which is expected to increase the country’s municipal waste processing from 1 million to 2.2 million tons annually. The government has also approved a resolution on preferential financing for the construction of waste sorting and recycling plants and a plan to modernize existing solid waste landfills. The government has also drafted a Concept for the Development of Environmental Culture for 2024-2029, which aims to raise public awareness of proper waste management.

Green economy Solar Energy Wind power Green Energy Renewable Energy Generation

Uzbekistan Plans to Increase Share of Green Energy to 40% by 2030

Uzbekistan intends to increase the share of renewable energy sources in the country’s energy consumption structure to 40% by 2030. Energy Minister Zhurabek Mirzamakhmudov announced this at the “Russian Energy Week" forum. According to Mirzamakhmudov, renewable energy, including solar and wind power plants, will become the basis for meeting the growing electricity demand as part of the country's growth strategy. Mirzamakhmudov noted that Uzbekistan's economy is growing by 6% annually, and the population will continue to grow. This causes the demand for electricity to grow by 7-8% per year, and by 2030, this figure may stabilize at 7.5%. Uzbekistan plans to introduce up to 20 gigawatts of solar and wind power plant capacity to meet this demand. It is expected that the share of renewable energy sources in the country's total energy balance will reach 40%. The share of renewable energy is about 10%, but by the end of this year, it should increase to 15%. In the coming years, 2.5 to 3.5 gigawatts of new capacity will be commissioned annually. In addition, considerable attention will be paid to developing thermal and hydroelectric power plants, which are planned to reach 18.5 gigawatts of capacity by 2030. The minister also emphasized the importance of energy storage systems. Uzbekistan plans to install 300 megawatts of storage capacity this year and increase it to 4.2 gigawatts by 2030, mainly using lithium-ion batteries. Along with this, projects to create hydro-battery stations will be implemented. Mirzamakhmudov added that all these projects are financed by foreign direct investment, demonstrating the high interest of international investors in the country's energy sector. The Russian Energy Week 2024 forum is being held in Moscow from September 26 to 28. The event's main theme is “Energy Cooperation in a Multipolar World.” More than 70 speakers from various countries have participated, including from Russia, BRICS countries, and Africa. The forum discussed topics such as sustainable energy development, the role of hydrocarbons in the future, and issues of technological independence. One of the key events was the meeting of BRICS energy ministers. Earlier, The Times of Central Asia wrote about the annual meeting of the Board of Directors of the Asian Infrastructure Investment Bank (AIIB) held in Samarkand on September 25-26, where Uzbek President Shavkat Mirziyoyev proposed a program of green energy development for Central Asia.

Solar Energy Green economy Turkey European Union Green Energy

Turkmenistan and EU Launch Ambitious Green Development Project for 2024-2028

The European Union and Turkmenistan have officially launched a new project entitled “EU for Turkmenistan's Green Development: Policy Dialogue and Climate Action 2024-2028.” The project, funded by the EU and the German Ministry of Foreign Affairs, aims to support environmentally sustainable development in Turkmenistan using best practices and EU standards. The initiative will implement measures to promote renewable energy and energy efficiency, including reducing methane and greenhouse gas emissions. The project was launched in May 2024 following the signing of a Memorandum of Understanding and Cooperation between the Ministry of Energy of Turkmenistan, the State Concern Turkmengaz, and the German organization GIZ. This coincided with the 30th anniversary of diplomatic relations between the EU and Turkmenistan. The document emphasizes the importance of further cooperation in energy and climate policy. According to project manager Karolina Milov, the key focus will be creating an effective dialog between the EU and Turkmenistan's state structures to promote green energy. Strengthening the capacity of state institutions to develop climate change adaptation measures is also planned. The project includes two pilot areas that will demonstrate adaptation measures in renewable energy, methane emissions monitoring, and other environmental initiatives. These collaborative efforts are expected to mitigate the effects of climate change, both regionally and globally. Turkmenistan is actively developing green energy and technology initiatives. In recent years, the country has started launching several renewable energy projects. One of the key projects is constructing the country's first 10 MW hybrid wind-solar power plant in the Balkan province, creating a sustainable energy system for remote areas. Also, in 2022, an agreement was reached with Masdar from the UAE to build the country's first large-scale solar power plant with a capacity of 100 MW. In 2023, the government of Turkmenistan contracted a Turkish company to build a 1,574 MW power plant.