Central Asia Holds Great And Untapped Potential For Global Energy Transition - Korea Energy Agency
Date
11/15/2024 3:49:28 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 15. Central Asia has
huge and untapped renewable energy potential that can make a
significant contribution to the global energy transition, the
president of the Korea Energy Agency, Sanghoon Lee said during a
high-level panel discussion on regional cooperation to increase
investment and financing for the energy transition in Central Asia,
Trend reports.
"Last year, we witnessed a 50 percent growth in global renewable
energy capacity compared to 2022. However, this growth was mainly
concentrated in developed countries and China. Central Asia has a
unique set of complementary energy resources, which makes it
possible to leverage the benefits of cross-border cooperation in
renewable energy, bringing multifaceted benefits to the
participating countries,” he said.
He noted cross-border energy trade, which allows countries to
increase savings by expanding the consumer base and optimizing the
use of energy resources across borders. In addition, large-scale
cross-border projects tend to attract international investors who
provide financial resources for infrastructure development.
Servicing such projects and introducing new technologies creates
jobs and stimulates local economies.
“Second, integration across interconnected and larger
geographical areas provides a diversified energy mix and a more
stable energy supply from renewable sources. Renewable energy
trading helps reduce carbon emissions, supporting each country's
climate commitments," he noted.
Sanghoon Lee added that in terms of energy security,
interconnected energy systems offer a more diversified and
sustainable energy supply. Trading renewable energy sources such as
wind, solar, and hydro across borders reduces dependence on a
single energy source or region.
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