ASHGABAT: Turkmenistan will require an annual investment of $1.6 billion, equivalent to 0.3 percent of its Gross Domestic Product (GDP), to achieve a ten percent share of renewable energy sources by 2030. This was stated by Vladimir Valetka, an economist from the Office of the UN Resident Coordinator in Turkmenistan, during a pre-conference dialogue on the green energy transition.
According to Trend News Agency, Valetka made these remarks at the “Green energy transition in Turkmenistan: getting ready for the 10th anniversary of the Paris Agreement” session, part of the international conference and exhibition “Oil and Gas of Turkmenistan – 2024” in Ashgabat. He detailed that the Sustainable Development Goals (SDG) financing gap assessment conducted with Turkmenistan’s Ministry of Finance, Committee on Statistics, and Ministry of Foreign Affairs highlights a need for the country to substantially increase funding to meet its national and international commitments. The analysis indicates that achieving all eight
SDG priority transitions will require an annual financing gap of 2.8 percent of GDP from 2026 to 2030.
Valetka further explained the potential economic risks associated with Turkmenistan’s reliance on volatile energy markets. A significant downturn, such as a 30 percent decline in economic growth, could widen the SDG financing gap to eight percent. Specifically, for SDG 7 on energy and SDG 13 on climate, he noted that reaching a 10 percent renewable energy share by 2030 necessitates an annual investment of $1.6 billion. If the target were increased to 25 percent, the required annual investment would rise to nearly $5 billion.
The “Oil and Gas of Turkmenistan – 2024” forum serves as an international platform for dialogue on sustainable energy sector development, bringing together national and international oil and gas companies, industry experts, and financial institutions. The event focuses on field development prospects, processing facility modernization, advanced technology introduction, and environmental
aspects of hydrocarbon production to attract investments in Turkmenistan’s oil and gas industry.