UN Defines Funds Needed For Turkmenistan To Reach Target Renewables Share By 2030
Date
10/27/2024 12:10:31 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 27. Turkmenistan will
need 0.3 percent of Gross Domestic Product (GDP) annually to
achieve a ten percent share of renewable energy Sources by 2030,
which is $1.6 billion per year, the economist from the Office of
the UN Resident Coordinator in Turkmenistan Vladimir Valetka said,
Trend reports.
He made the remark at the pre-conference dialogue "Green energy
transition in Turkmenistan: getting ready for the 10th anniversary
of the Paris Agreement" within the framework of the international
conference and exhibition "Oil and gas of Turkmenistan - 2024" in
Ashgabat.
"Together with Turkmenistan's Ministry of Finance and Committee
on Statistics, as well as the Ministry of Foreign Affairs, we have
conducted a Sustainable Development Goals (SDG) financing gap
assessment, endorsed by the coordinating committee of our
cooperation framework. The key commitments announced by
Turkmenistan last year at the SDG Summit are well aligned with
national priorities and international programs. The country must
significantly increase funding to achieve all eight SDG priority
transitions. We estimate that the financing gap for the SDGs is 2.8
percent of GDP annually between 2026 and 2030 to achieve the
national goals. If a country is aiming for more ambitious global
targets, for example, for renewable energy, where the national
target is 10 percent renewable energy share in the energy mix and
the global target is 25 percent, it would require 5.5 percent of
GDP annually," he said.
According to him, in assessing the risks associated with a
possible economic downturn due to volatile energy prices, given
that Turkmenistan's economy is highly dependent on energy markets,
the UN concluded that a 30 percent decline in economic growth could
result in an SDG financing gap of eight percent for
Turkmenistan.
"Specifically, for SDG 7 on energy and SDG 13 on climate, we
determined that to achieve a 10 percent renewables share by 2030,
the country would need 0.3 percent of GDP annually, which is $1.6
billion per year. If we aim for 25 percent, it will require almost
$5 billion annually," he added.
To note, the forum "Oil and Gas of Turkmenistan - 2024" (OGT
2024) is an international platform that brings together leading
national and international oil and gas companies, as well as
industry experts and financial institutions. The main goal of the
event is to strengthen the dialog on sustainable development of the
energy sector and attract investments in the oil and gas industry
of Turkmenistan. The forum will discuss the prospects of field
development, modernization of processing facilities, as well as the
introduction of advanced technologies and environmental aspects of
hydrocarbon production.
MENAFN27102024000187011040ID1108821355
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.