In the framework of the Tashkent International Investment Forum a panel session "Traditional energy: views and perspectives" was held.

Its participants noted that the global energy sector is currently growing rapidly. In the future, the traditional energetic sector  will face a number of challenges and changes. One of the main concerns will be the diminishing demand for conventional sources of energy - oil, gas and coal - due to the increased use of alternative sources, such as solar and wind power.

Speakers at the session included:

 Chairman of National Company Uzbekneftegaz Bakhodir Siddikov;Deputy Minister of Economy of the Republic of Azerbaijan Rovnag Abdullayev ; IFC Principal Investment Officer for Infrastructure Projects Azhar Iqbal Hussain; Managing Director of Synergy Consulting Ankit Chaturvedi; Chief Operating Officer of Aksa Energy Soner Yildiz; General Director of EDF Central Asia Pierre-Paul Antheunissens.

Also, increased competition and the development of new technologies may lead to changes in market structure and price dynamics. The future of traditional energy will depend on the industry's ability to adapt to these challenges and changes.

Although the energy transition to alternative energy sources is certainly gaining worldwide influence, experts predict that oil and gas will still hold about 53% of the global energy balance by 2045.

As for Uzbekistan, the speakers noted that although renewable energy sources (RES) in Uzbekistan started to develop relatively recently, the country has seen active development of this industry in recent years. The main RES in Uzbekistan are solar and wind energy. Especially since the country has many sunny days a year. That is why the development of this industry is gaining greater popularity in the country. More new investors are coming to the market, and the state is creating various privileges and preferences for them.

Obviously, this will fuel investors' interest in the sector. That is why at the session the experts discussed in detail what opportunities are available for investors in this sector in Uzbekistan and how businesses can build their energy supply model for the near future.