BAKU, Azerbaijan, April 4. Turkmenistan has a huge potential for the development of renewable energy sources, such as solar and wind energy, so investments in the diversification of sources can bring profit, Trend reports via the latest ADB's Asian Development Outlook.
According to Asian Development Bank (ADB), since the energy sector produces 85 percent of greenhouse gas emissions, the government prioritizes reducing fossil fuel emissions, and the first measure under consideration is improving energy efficiency in the production, consumption, and transportation of hydrocarbons, including preventing methane leaks.
Contributing to technological progress, the country plans to explore the possibilities of creating "green" hydrogen by studying and adopting modern practices used in developed countries, the bank said.
"Implementing these measures requires further policy reform and institutional strengthening. These steps would improve the current regulatory and legislative framework, develop financial and tax mechanisms to promote GHG reduction, stimulate investment in research and development, and encourage private sector investment. Achieving technological advances would require access to global finance and technology to facilitate the adoption of global best practices," the bank added.
Meanwhile, Turkmenistan has tremendous potential for harnessing solar energy. With more than 300 sunny days annually and with the average annual intensity of solar radiation ranging between 700–800 watts per square meter, the total technical potential of solar energy amounts to 655 GW.
