The Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), and the energy ministries of Azerbaijan, Kazakhstan, and Uzbekistan signed a memorandum of understanding (MOU) on April 4 in Baku to support the Feasibility Study for the Caspian Green Energy Corridor Project. The initiative is part of ADB’s regional technical assistance for the project.
The MOU establishes a high-level framework for cooperation, focusing on developing a robust institutional and legal framework to facilitate cross-border electricity trade among Azerbaijan, Kazakhstan, and Uzbekistan, reported the bank’s press service.
The Caspian Green Energy Corridor project aims to bolster regional energy cooperation and promote green energy trade among most Central Asia Regional Economic Cooperation Program (CAREC) member countries.
“The Caspian Green Energy Corridor initiative is a strategic priority for three countries, as well as ADB, as it directly advances our core mission of fostering cross-border cooperation on clean energy infrastructure while simultaneously addressing multiple regional challenges,” said ADB Director General for Central and West Asia Yevgeniy Zhukov.
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. The initiative aligns with ADB’s mission to support sustainable development and regional cooperation, promoting energy security, sustainability, and economic development in the region.
CAREC is a partnership of Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, Turkmenistan, Uzbekistan, and development partners working together to promote development through cooperation, leading to accelerated economic growth and poverty reduction.
ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members – 49 from the region.
