The Cabinet of Ministers has approved the draft financing agreement on the Development of Renewable Energy Project between the Kyrgyz Republic and the International Development Association.
It has also approved the draft agreement on financing of the Green Climate Fund on the Development of Renewable Energy Project between the Kyrgyz Republic and the International Development Association acting as accredited entity of the Green Climate Fund.
The Ministry of Finance is authorized to sign the agreements with the right of making minor changes and additions.
It may be noted that Kyrgyzstan has good solar energy potential. UAE’s energy firm Masdar has signed deals to implement projects to develop solar power plants of up to 1 GW capacity that will help to ensure nation’s energy security.
The large-scale development of the renewable energy system will also help to improve employment, living conditions and energy supply for the population of the republic, reduce poverty in rural areas, and improve the level of education, as well as introduce new modern technologies.”
Kyrgyzstan is looking to reduce its greenhouse gas emissions by as much as 44 percent by 2030 and achieve carbon neutrality by 2050. While the country already generates around 90 percent of its electricity from clean energy resources, this is almost exclusively from aging hydropower plants. However, the country’s high solar irradiation levels provide the opportunity to increase clean energy access and security.