On March 03, 2026, in Ashgabat, the Director of the Project Office of the Regional Environmental Centre for Central Asia (CAREC) in Turkmenistan, Mergen Kepbanov, took part in the climate finance forum "UK – Turkmenistan: Building a Strategic Framework for Mobilising Climate Finance."
The event was organized with the support of the British Embassy in Ashgabat and the international organization representing the interests of the UK financial and professional services sector (TheCityUK).
The forum brought together representatives of relevant ministries and departments of Turkmenistan, international financial institutions, and the expert community in the field of sustainable and climate finance. At the center of the discussion was the formation of a strategic and institutional framework for mobilizing climate capital in the country.
Welcoming remarks were delivered by:
Perhat Yagshyyev, Deputy Minister of Finance and Economy of Turkmenistan,
Claire Albless, Deputy Head of Mission of the British Embassy in Turkmenistan,
Chika Muorah, Associate Director at TheCityUK (responsible for Europe, the Middle East and Africa) and co lead of TheCityUK’s International Climate Finance (ICF) Department.
In their speeches, they emphasized the significance of developing bilateral cooperation and creating a favorable investment environment for sustainable growth.
During the forum, the global context of climate finance, the UK's leadership in the field of sustainable finance, the formation of a strategic framework for attracting climate capital, mechanisms of public-private partnership, and instruments of blended finance were considered.
Ruslan Sadgalin, Senior Manager of Climate Change and Sustainability Services at Ernst & Young Advisory (EY), spoke next. His speech was dedicated to priority areas of climate finance for Turkmenistan, in which the greatest environmental and economic effect is expected with a clear structure for attracting investments.
Reduction of methane emissions in the oil and gas sector.
The importance of conducting an inventory of assets and baseline measurements, implementing monitoring and reporting systems, modernizing equipment, leak detection and repair (LDAR), as well as forming verification and enforcement control mechanisms, was noted. It was emphasized that projects to reduce methane emissions have a high climate effect and represent significant interest for international financial institutions.
Renewable energy and integration into the power grid.
The need to form a transparent contractual base, including Power Purchase Agreements (PPA), the preparation of grid connection studies, as well as the conduct of environmental and social due diligence of projects was noted. It was mentioned that the development of RES contributes to the achievement of national climate goals and increases the investment attractiveness of the sector.
Energy efficiency in industry and heat supply.
The economic efficiency of measures to reduce energy consumption, the development of results-based contracts, and the attraction of specialized credit lines were emphasized. Among the priority tasks are conducting energy audits, implementing savings monitoring systems, and forming transparent reporting.
Water resilience and climate-adapted agriculture.
Issues of climate risk assessment, preparation of feasibility studies, management of environmental and social risks, as well as building interaction with stakeholders were considered. The high relevance of this area for international financial institutions was noted, taking into account significant social and economic co-benefits.
«In Turkmenistan, projects in the field of climate finance and the development of a 'green' economy are being consistently implemented. The key conditions for further advancement are institutional strengthening, expanding access to international financial instruments, and developing partnerships with international financial organizations», noted Mergen Kepbanov, Director of the CAREC Project Office in Turkmenistan.
Berkeli Ataev, a member of the CAREC Board of Governors and head of the Enterprise of Public Association “Tebigy Kuwwat”, also participated in the forum, emphasizing the importance of regional cooperation and experience exchange for the formation of sustainable financial mechanisms.
During the discussions, it was noted that the systematic preparation of project proposals, the improvement of the regulatory and legal framework, and the development of public-private partnership mechanisms are key conditions for the successful mobilization of climate capital in Turkmenistan.
The participation of the CAREC Project Office in the forum confirmed its commitment to promoting the principles of sustainable development, strengthening international partnerships, and expanding regional dialogue in the field of the climate agenda.
Additional information:
Mergen Kepbanov – Director of the CAREC Project Office in Turkmenistan turkmenistan@carececo.org