Uzbekistan`s emerging market of renewable energy sources represented to European investors

The Embassy of Uzbekistan in the Benelux countries, the ministry for investment and foreign trade and the Brussels energy club held a webinar "Gas and the emerging renewable energy market".

The event saw more than 30 experts from the energy sector and government agencies - the ministry of foreign affairs of Belgium, the directorate general of the European Commission, BP, Houston Energy Club, Oxford institute of energy studies and etc.

The Uzbek side was represented by specialists from the ministry for investment and foreign trade and Uzbek diplomats in Brussels.

The Brussels energy club brings together all major global and regional oil companies with representative offices in the European Union, as well as representatives of the non-governmental sector and the diplomatic corps.

Ambassador of Uzbekistan to the Benelux countries Dilyor Khakimov stressed that Uzbekistan has done a lot of work in recent years to develop renewable energy sources (RES).

The importance of alternative energy development was outlined by the President of Uzbekistan Shavkat Mirziyoyev in the Action Strategy for development in 2017-2021. The legislative framework has been formed, in particular, the law on renewable energy sources has been adopted. The country plans to increase the share of RES in total electricity production to 25% by 2030.

Foreign institutions, including the World Bank, the European Bank for reconstruction and development and Asian Development Bank provide considerable support in the development of RES.

Uzbekistan intends to produce 5 gigawatts of solar energy and 3 gigawatts of wind energy by 2030. First investment projects in this area are already underway. This includes the construction of photovoltaic plants with Masdar and Total Eren-100 MW in Navoi region and 100 MW in Samarkand region, respectively.

Over one hundred oil and gas fields have been discovered in the country, 34.6bn cubic meters of gas are produced, and 2.5mn tons of oil is processed in the Bukhara and Ferghana regions