Inception Meeting for “Renewable Energy Investment Ecosystem in Central Asia” Project Successfully Held by CAREC Institute

The CAREC Institute (CI) successfully held the inception meeting for the “Renewable Energy Investment Ecosystem in Central Asia” project, which is jointly funded by the Islamic Development Bank (IsDB), the Islamic Centre for Development of Trade (ICDT), and the CI. This meeting marked a significant milestone in the project, which aims to assess and enhance the renewable energy investment landscape across Central Asia.

Dr. Asif Razzaq, the Senior Research Specialist and project leader from the CAREC Institute, presented the project’s objectives and the proposed outline of the report. The report is structured into two key sections: the first focuses on the “Energy Investment Ecosystem,” identifying key drivers and challenges, while the second delves into operational issues, particularly those related to Investment Promotion Agencies (IPAs) and regulatory frameworks. Dr. Razzaq emphasized the importance of these pillars in shaping effective policy recommendations that can drive sustainable energy investments throughout the region.

Dr. Ghulam Samad, the Chief of Research Division at the CAREC Institute, moderated the session, providing strategic guidance to the consultant team and highlighting the project’s critical expectations and broader significance for the future of energy in Central Asia.

Representatives from IsDB and ICDT, including Kadir Basboga and Mohamed Ahmed, actively contributed to the discussions, suggesting a stronger emphasis on IPA and regulatory issues. They also recommended identifying the best-performing country regarding investment promotion agencies, which could serve as a model for other countries in the region. The consultant team, led by Arild Dyseth, presented the proposed energy investment ecosystem framework and the draft questionnaire. They proposed 16 core pillars of the renewable energy investment ecosystem, including institutions and regulations, IPAs, market conditions, resource availability, grid infrastructure, market access, investment projections, financing environment, workforce skills, public-private partnerships, social factors, innovation, transparency, and regional cooperation. Consultants from five Central Asian countries provided valuable insights into their respective nations’ unique features and discussed potential data collection challenges.

The inception meeting concluded on a positive note, with all participants agreeing on the proposed outline. The project task force team and the consultant team are fully engaged in refining the research instruments and are committed to delivering the final report on schedule. This project is expected to guide future renewable energy investments in Central Asia, contributing to the region’s sustainable development and energy security.