ADB Supports Green Energy Corridor Project Across The Caspian Sea
Date
10/12/2024 5:09:56 AM
(MENAFN- AzerNews)
Akbar Novruz
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The Asian Development bank (ADB) has allocated $225,000 from its
Special Technical Assistance Fund to support the creation of a
"green energy corridor" across the Caspian Sea,
Azernews reports.
This initiative aims to construct an underwater cable connecting
the energy systems of Azerbaijan, Kazakhstan, and Uzbekistan,
marking a significant step toward enhancing regional energy
cooperation and enabling sustainable cross-border electricity
trade.
The governments of the three countries signed a Memorandum of
Understanding (MoU) on May 2, 2024, outlining the project's
objectives, which include improving energy security, promoting
sustainable energy practices, and stimulating economic growth.
Additionally, the project aims to establish a "green corridor,"
allowing renewable energy from the Caspian region to be transported
to Europe through a cable laid in the Black Sea.
ADB's technical assistance will support the preparation of the
project, which requires substantial investment. This includes
forming intergovernmental working groups, establishing a special
purpose vehicle (SPV) or joint venture, and creating a robust
governance structure, along with legal and commercial frameworks.
The project will also benefit from detailed operational planning
for the SPV, capacity building for country representatives, and
high-quality technical assessments and feasibility studies.
This project not only aims to boost energy cooperation across
Central Asia but also aligns with the goals of the Paris Agreement
by promoting green energy infrastructure and contributing to a
reduction in greenhouse gas emissions.
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