The event on “Utilizing Solar Energy to Accelerate Energy Transition in Uzbekistan” discussed key aspects of the country's transition to cleaner energy sources and reducing dependence on natural gas. The objectives of the event focused on three main aspects.
First, energy development in Uzbekistan: In the country, natural gas is the main source of electricity, while renewable energy sources have a minor contribution. Uzbekistan plans to transition to cleaner energy sources by ratifying the Paris Agreement and increasing its greenhouse gas emission reduction target to 35% from 2010 levels.
Second, support for the energy transition: In April 2023, AIIB and its partners signed a $396mn loan agreement with Abu Dhabi Future Energy Company - Masdar to build three solar photovoltaic power plants with a total capacity of 897 megawatts.
Third, Project Significance: The project is the first commercial collaboration between AIIB and Masdar and the first example of the implementation of the International Renewable Energy Agency's Energy Transition Accelerator Financing (ETAF) platform, which seeks to mobilize capital for energy transition projects around the world.
In conclusion, it was noted that the project to build solar power plants in Uzbekistan not only contributes to a significant reduction in carbon emissions and transition to renewable energy sources but also underscores the commitment to building sustainable infrastructure for future generations.
Under the event's theme of “Building Resilient Infrastructure for All,” this project serves as a prime example of how strategic investments in clean energy can strengthen a country's infrastructure capacity while ensuring long-term environmental and economic sustainability.
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