The Ministry of Investment, Industry and Trade, the Ministry of Energy of the Republic of Uzbekistan and the Ministry of Investment of the UAE have signed an agreement for developing investment cooperation in priority sectors of the economy, including the production, transmission and distribution of renewable energy.
The ceremony was attended by the Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov and the Minister of Energy Jurabek Mirzamakhmudov, and UAE Minister of Investment Muhammad al-Suwaidi.
As per the agreement, the fir would aim at the identification, exchange and assessment of projects and investment opportunities in the production of wind, solar, hydroelectric power plants, as well as the construction of energy storage facilities.
Furthermore, for the effective implementation of this document, a joint plan for follow-up activities will be developed, which will include specific mechanisms and identification of responsible structures for the timely fulfillment of accepted obligations.
Specifically, Uzbekistan plans to set a capacity target of 4 GW for solar power and 4 GW for wind by 2026. Furthermore, there are also plans to increase the 2030 renewable capacity targets to 7 GW for solar PV and 5 GW for wind.
Despite being rich in oil and gas reserves, Uzbekistan is committed to reducing greenhouse gas emissions. The country aims to achieve carbon neutrality in its domestic energy sector by 2050. Uzbekistan is focusing on the development of low-carbon energy sources, including solar, hydro, and wind energy.
