Trend quoted the ministry as saying:
- Our countries have launched various projects in the field of oil & gas, subsoil use, and several other sectors
- However, there is no cooperation in the field of renewable energy, and we are interested in attracting Azerbaijani investments in the implementation of projects in this area
Kazakhstan sits atop one of the world’s largest reserves of fossil fuels, ranking the world’s 9th-largest crude oil exporter and holding 3% of the world’s total oil reserves.
The oil and gas industry has long been one of the main drivers of Central Asia’s largest and wealthiest economy.
Meanwhile, that is not stopping Kazakhstan from possibly expanding energy production capacity using renewable resources.
Kazakhstan produced 108 billion kilowatt-hours (kWh) of electricity in 2020, of which 3.24 billion were generated from renewables.
Currently, there are 116 renewable energy facilities in the country with an installed capacity of 1,685 MW.
Meanwhile, the country’s wind and solar potential are substantial.
With more than half of the country’s territory seeing average wind speeds of 4 to 6 m per second - suitable for energy generation, Kazakhstan has significant renewable energy potential.
The country created a better environment to attract major investments into the industry, introducing a 15-year feed-in-tariff (FiT) mechanism.
Kazakhstan has been working closely with several financial institutions, including EBRD, to diversify its economy.
To date, cumulative EBRD investment into the country amounted to €8.4 billion, of which about €1.2 billion is invested in sustainable energy and resources.