The 33rd meeting of the CAREC Energy Sector Coordinating Committee (ESCC) discussed the turbulence in global energy markets and its implications on the CAREC region. Rystad Energy presented the ongoing energy transition’s impacts on the region’s energy-intensive economies. The CAREC region, known for its high energy consumption due to factors like extreme weather, high fossil fuel reliance and low energy efficiency, needs to shift to more renewable energy sources. While this transition will be costly and disruptive, it offers long-term benefits such as sustainability, affordability, improved air quality, and reduced greenhouse gas emissions.

The region’s potential for renewable energy is significant, with abundant solar, wind, and hydropower resources suitable for electricity generation, heating, and transportation. By improving the regional energy interconnectivity, CAREC countries can better utilize their intermittent energy resources, improving regional energy security and reliance. This can accelerate the region’s energy transition, fostering a more sustainable and resilient overall energy system.

The meeting was hosted by the Mr Joonho Hwang from the Asian Development Bank (ADB), with First Deputy Minister of Economy and Sustainable Development of Georgia, Mr. Romeo Mikautadze, sharing his opening remarks. The proposed deliverables under the ESCC 2023-2025 Work Program were presented by Mr. Martin Sommerseth Jaer (ADB), followed by country representatives sharing updates on their energy sectors and perspectives on the proposed deliverables.

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