In this episode of Business Line Uzbekistan, we look at how the country is rapidly embracing solar power, securing billions in foreign investment and cutting emissions to position itself as a leader in renewable energy.
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00:00Uzbekistan is rapidly growing a green economy with renewable energies at its heart. A network
00:11of solar and wind power plants is being fueled by investments from Europe, Asia and the Middle
00:18East. Why now? And why Uzbekistan?
00:23Hello and welcome to the program. Foreign investment in Uzbekistan's energy transition
00:30totals more than 22 billion euros with 40 agreements signed. By 2030, renewables are
00:38expected to make up 54% of the country's total energy production, cutting CO2 emissions by
00:45more than half according to government data. So what's been the impact so far? Take a look
00:51at this. Amidst a vast, arid landscape, technology on a grand scale with more than 860,000 panels,
01:05this is one of Uzbekistan's largest solar power plants. It's located in the country's
01:11Bukhara region, an area blessed with abundant sunshine and has been funded with more than
01:17365 million euros of Chinese investment.
01:23You can see it's sunshine every day. Airports, radiation, so it's the best condition. Second,
01:32Bukhara is a big city. They need electricity, so that's why we invested this project here.
01:42The scale of this solar plant is mind-blowing and is playing a huge role in helping Uzbekistan
01:49to diversify its energy mix, reducing use of coal and natural gas. In fact, the energy
01:57produced here in a year can power up to 400,000 homes.
02:04Compared with the natural gas consumption, it will reduce 1.2 million tons carbon dioxide
02:11emission each year. It means that almost zero emission. It's good for the environment.
02:19The plant has also created new jobs, around 30 so far, helping to fuel green skills. Bezod,
02:28who's 35, had been working overseas but is now back in his home region.
02:35It's so exciting to be here as an electrical engineer. It's so beneficial to my career.
02:42When I wake up, I start to observe by window the weather, the sunny or the rainy today.
02:49If it's sunny, my mood is going to be raised because the more sunny, more energy.
02:58This is one of 11 solar sites now operating in Uzbekistan. Alongside wind plants, green
03:05power is being generated across 10 regions. Energy storage systems have also been commissioned.
03:13With a surplus of power forecast in the future, exports are planned too.
03:29All shining a light on how Uzbekistan's becoming a regional leader in renewables.
03:47Let's speak now to Andy Aranatassi, director and head of Uzbekistan at the European Bank
03:58for Reconstruction and Development. Andy, you're also financing solar. Why?
04:04Uzbekistan has one of the highest levels of greenhouse gas emissions per unit of GDP
04:11across the range of India's countries operations, which is understandable because 90% of the total
04:17energy consumption in the country is based on fossil fuels. However, it also has great
04:21ambitions to green its economy. How much have you invested then? And what
04:25further potential do you see? To date, we have invested more than 1.2 billion
04:29dollars supporting 3 gigawatt of renewable capacity, as well as grid enhancements and
04:34storage solutions. And the first ever green hydrogen project. Uzbekistan has an announced
04:39target of 25 gigawatt capacity of solar and wind by 2030. So we believe the potential
04:45for such project there is huge. Andy, thank you for joining us. Well, that's
04:49all we have time for in this edition. You can get more business news at Euronews.com.
04:54Thanks for watching and bye for now.