ADB inks deal support Caspian Green Energy Corridor study

Energy systems will be connected for green corridor for renewable energy trade.

The Asian Development Bank (ADB) has signed a memorandum of understanding (MOU) to support the conduct of a feasibility study for the Caspian Green Energy Corridor Project.

In a statement, ADB said the agreement, which is part of the bank’s regional technical assistance for the project, was signed with the Asian Infrastructure Investment Bank (AIIB), and the energy ministries of Azerbaijan, Kazakhstan, and Uzbekistan.

“The MOU establishes a high-level framework for cooperation, focusing on the development of a robust institutional and legal framework to facilitate cross-border electricity trade among Azerbaijan, Kazakhstan, and Uzbekistan,”  ABD said.

The Caspian Green Energy Corridor project aims to boost regional energy cooperation and promote green energy trade amongst the Central Asia Regional Economic Cooperation Program (CAREC) member countries.

CAREC is a partnership of Afghanistan, Azerbaijan, the People’s Republic of China, Georgia, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, Uzbekistan, and other development partners.

The project will involve the interconnection of energy systems and the establishment of a green corridor for renewable energy transmission and trade. It envisions comprehensive transmission of green energy from the Caspian region to Europe via the Black Sea Cable.

ADB said the project aligns with its mission to support sustainable development and regional cooperation, promoting energy security, sustainability, and economic development in the region.