PwC Kazakhstan published a study of the renewable energy market: “The RES market in Kazakhstan: potential, challenges and prospects.”
Since the beginning of 2011, the number of renewable energy facilities in Kazakhstan has grown from 23 to 111.
According to the study, by the end of 2020, the share of renewable energy sources in the total volume of electricity production reached 3%.
The government of Kazakhstan plans to increase the share of renewable energy sources in the total volume of electricity production to 10% by 2030 and 50% by 2050.
According to the study, the growth of renewable energy sources in Kazakhstan is constrained by: the legal framework that does not correspond to the current stage of development of renewable energy sources, investment risks (including currency risk), limited balancing capacities, non-competitive tariffs, underdeveloped measures to stimulate microgeneration, as well as problems arising from the integration of renewable energy into energy system of the country.
All survey participants agreed on the correctness of measures to increase electricity tariffs, regardless of the source.
The authors of the study note that alternative energy is becoming more and more relevant every day, which affects the development of renewable energy sources. The global compound annual growth rate of the installed capacity of renewable energy sources from 2011 to 2020 amounted to 8%, while the share of renewable energy sources in the installed capacity of the global energy industry has grown from 25% to 37% over the past 10 years.
According to IRENA (International Renewable Energy Agency) forecasts, the installed capacity of renewable energy facilities should increase 10 times in order to achieve the goals of the Paris Agreement by 2050, which Kazakhstan ratified in 2016 and pledged to reduce greenhouse gas emissions by 15% by 2030 by mobilizing innovative solutions with the participation of the private sector.
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