Descriptive analysis of green energy market of the Republic of Kazakhstan

Abstract

Renewable energy sources are of interest worldwide due to climate change and the inevitable depletion of limited resources such as oil, gas, and coal [1]. The rapidly growing competition for energy and resources affects the economies of many countries [2], increasing their interest and desire to find alternative energy sources. Moreover, one of the factors exacerbating this problem and proving its relevance is the rapidly growing level of energy consumption. Global energy consumption slowed down in 2022 but remained higher than its average 2010-2019 growth rate. As world practice shows, such high rates and a growing level of energy consumption affect competition for energy resources [3] and require immediate intervention from the state. Therefore, to support national business in international markets, it is necessary to develop new technological phenomena in the form of alternative energy sources.

Kazakhstan intends to reach 50% of renewable energy sources (RES) in the total energy balance by 2050, with an intermediate goal of 3% by 2020 and 10% by 2030. From a geographical and meteorological point of view, there is tremendous potential to utilize more wind power, solar installations, and biomass to increase the renewable share in the country.

Kazakhstan possesses significant renewable energy potential, including solar, wind, hydro, and biomass resources. The country's vast land area and favorable climate conditions make it suitable for large-scale renewable energy projects. Incentive programs, feed-in tariffs, and other policy measures have been implemented to attract investment and promote the growth of the green energy market.

This study aims to conduct a descriptive analysis of the alternative energy market to reveal the problems and understand the trends and future perspectives.