The Asian Development Bank (ADB) plans to invest in renewable energy in Turkmenistan, ADB Country Director of Turkmenistan, Artur Andrysiak announced during his speech at the International Conference on Oil and Gas of Turkmenistan (OGT 2023).
The Asian Development Bank plans to invest in low-carbon pilot projects and reforms through policy loans. The bank aims to make Turkmenistan's economy more climate-resilient and competitive.
Asian Development Bank will continue to support natural gas projects in the midstream (transmission and processing sector) and downstream (gas and oil refining sector) segments. These investments will align with the Long-Term Carbon Neutral Plan.
Artur Andrysiak, the ADB Country Director, emphasized that the Asian Development Bank (ADB) will maintain long-term involvement in Turkmenistan's energy sector. The ADB will focus on reducing inefficiencies and expediting the low-carbon transition. The Country Director highlighted several crucial areas for investment in Turkmenistan. These include upgrading open-cycle gas-fired plants to more efficient combined-cycle gas turbines, modernizing the power grid, exploring the potential of solar and wind power to increase the share of renewable energy, and supporting the development of a renewable energy sector in Turkmenistan.
In the area of technical assistance in Turkmenistan, ADB will focus its efforts on supporting institutional strengthening, capacity building and reforms, developing research, strategies, and roadmaps, supporting the introduction of new technologies, promoting south-south cooperation, partnerships and knowledge sharing, and support under ADB's Central Asia Regional Economic Cooperation (CAREC) Program.
In June this year, ADB announced that the upcoming Country Partnership Strategy 2024-2028 will also focus on supporting SMEs and start-ups, public-private partnerships, digital technologies, solar energy development, and the water sector.