Baku, Nov 15 : The International Renewable Energy Agency (IRENA) on Friday unveiled a new partnership model that can accelerate renewable energy deployment and foster green industrialisation in Central Asia.

The partnership was launched by IRENA at the COP29 Energy Transition Investment Forum for Central Asia.

The two-day forum took place at the United Nations Climate Change Conference, also known as COP29, in Baku, Azerbaijan, and is co-hosted by IRENA, the COP29 Presidency, and the Ministry of Energy of Azerbaijan, bringing together Energy Ministers from Azerbaijan, Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan.

Central Asian countries are exploring ways to increase the use of renewable energy to address the rising demand for energy, diversify their energy mix, support economic growth and meet climate objectives.

The Accelerated Partnership for Renewable Energy in Central Asia (APRECA) is designed to leverage the collective strengths and resources of Central Asian countries through a robust framework of regional cooperation that aims to fast-track investments, enhance inter-regional connectivity to support renewable energy trade, and maximise socioeconomic benefits.

"Central Asia's abundant renewable energy resources, strategic geographical position, and ongoing efforts to establish a green energy corridor connecting neighbouring regions create significant opportunities for the region to position itself at the forefront of an evolving energy landscape," IRENA Director-General Francesco La Camera said.

"APRECA offers a pivotal opportunity to harness this potential through a holistic, country-led partnership model that seamlessly integrates commitments with effective planning and execution."

COP29 President Mukhtar Babayev added: "As we work to enhance ambition and enable action on climate change at COP29, we welcome the launch of the Accelerated Partnership for Renewable Energy in Central Asia by IRENA and Azerbaijan's Ministry of Energy. Azerbaijan plays an important role in global energy security, with an ambition to have 30 per cent of our domestic demand from renewable energy and export 5GW of renewable energy to Europe by 2030."

"Central Asian countries have an important role to play in supporting global efforts to decarbonise the energy sector, with this announcement marking an important step in achieving our collective climate goals."

The announcement kicked off the two-day investment forum at COP29, which hosts high-level discussions on energy transition investments and finance in Central Asia, including policies, investment needs and priorities, financial frameworks for climate action and energy transition, access to climate finance, and other innovative financing instruments to support a renewable-driven energy transition for both climate change mitigation and adaptation. The forum will also explore the challenges faced by developers and financiers in Central Asia, which need to be tackled to enhance the creation of a bankable pipeline of energy transition projects and access to affordable finance.

/IANS