2 SESSION BRIEF
The second session of the MINEX Eurasia Conference, held in London on 1 December 2025, brought together regional energy leaders and experts to debate one of the most pressing issues shaping Eurasia’s future — how to maintain energy security while pursuing decarbonisation targets and responding to global economic pressures. Titled “Energy Security Realism: Balancing Decarbonisation with Economic Reality”, the session examined how countries such as Kazakhstan, Uzbekistan, Kyrgyzstan, and Azerbaijan are redefining energy policy amid shifting geopolitical and environmental dynamics.
A Pragmatic Energy Debate
Framed around the central question of whether the energy transition must always mean abandoning fossil fuels, the session reflected a pragmatic tone — one that resonated with the region’s economic realities. Chair Kruthika Anastasia Bala, Managing Director of Resources Now, opened by underscoring the regional complexity: “Energy security means very different things depending on geography, industrial base, and social needs. Central Asia must find its own path balancing nuclear, fossil fuels, and renewables.”
Bala noted that the region’s energy strategies are increasingly shaped by national priorities, not by imported global rhetoric. This sentiment set the stage for an engaging series of presentations exploring uranium, coal, renewables, and critical minerals.
Uranium’s Strategic Role
Tracey Laight, Principal Resource Geologist at SLR Consulting, provided a detailed assessment of The Resource Base Underpinning Strategic Changes. She highlighted the growing strategic importance of uranium, noting that “Kazakhstan has been the world’s leading uranium producer since 2009,” contributing around 14% of global known reserves. With nuclear energy capacity expected to double by 2040, Laight stressed the urgent need for renewed exploration investment: “If planned reactors come online, current resources could dwindle from 90 years to just 40 years of supply.”
Her presentation called for greater support for junior mining companies in Central Asia, arguing that “more agile, risk-tolerant exploration” will be essential to meet global and domestic demands in the decades ahead.
Shortly after the conference on 5 December Kazakhstan’s Senate has approved, in two readings, a package of amendments to the Subsoil and Subsoil Use Code aimed at significantly strengthening state control over the country’s strategic uranium reserves. The reform marks one of the most substantial regulatory shifts in Kazakhstan’s uranium sector in recent years, reinforcing the dominant role of national company Kazatomprom and tightening restrictions on foreign participation. Under the proposed amendments, if geological exploration confirms uranium mineralisation or deposits, subsoil users will be required either to return the explored area to the state or to transfer priority purchase rights for uranium to the national company. Lawmakers say the measure is designed to eliminate risks associated with “parallel activities” by different subsoil users operating on overlapping or adjoining territories. Read further
Kazakhstan’s Energy Quadrilemma
Joining remotely, Nicholas Pomeroy, Founder & General Director of AngloKazakh, introduced a new framework for understanding Kazakhstan’s transition — what he termed the Energy Quadrilemma: balancing cost, carbon, security, and water. Building on the traditional “energy trilemma,” Pomeroy argued that water scarcity presents a fourth critical constraint. “No water source begins in Kazakhstan,” he noted. “This reality is reshaping the feasibility of thermal, nuclear, and hydrogen projects alike.”
Pomeroy reviewed the country’s three decades of energy evolution, from post-Soviet hydrocarbon investment to a present defined by ageing infrastructure and growing domestic demand. “Kazakhstan’s energy transition is no longer led by climate goals,” he said. “It’s driven by necessity.” His recommendation emphasised integrated, domestic-first solutions — strengthening grids, water infrastructure, and renewables before pursuing export mega-projects.
Financing the Transition
Veronika Krakovich, Regional Head of Energy for Eurasia at the European Bank for Reconstruction and Development (EBRD), discussed the multilateral bank’s expanding portfolio in Central Asia. The EBRD has financed more than €9 billion across 190 energy projects, prioritising renewable generation and grid modernisation.
Krakovich outlined initiatives supporting solar, wind, and hydropower developments, including groundbreaking projects such as a 1 GW solar-battery hybrid in Uzbekistan and the region’s first green hydrogen pilot – a partnership between Acwa Power and Uzkimesanoat. “Falling technology costs have made renewables competitive,” she said. “By coupling green energy with policy support, Central Asia can reduce fossil fuel dependence while boosting energy export potential.”
She also emphasised that Uzbekistan and Kazakhstan’s reform of auction systems and electricity laws have significantly improved investor confidence, positioning both countries as early movers in Eurasia’s green finance landscape.
The Broader Picture
Additional contributions touched on uranium chemistry innovation, the role of small modular reactors (SMRs), and the emerging geopolitics of critical minerals. Speakers such as Amanzhol Yelemessov of the Atomic Industry Development Association and Dr. Dinara Ermakova, an independent nuclear expert, discussed how nuclear development could bolster regional stability while supporting net-zero objectives. Benjamin Godwin, Partner and Head of Analysis at PRISM Strategic Intelligence, rounded out the panel by examining how Central Asia can balance energy ambitions with critical mineral extraction strategies, ensuring long-term resilience and economic competitiveness.
Toward Energy Security Realism
The consensus from the session was clear: Eurasia’s energy transformation will not follow a single trajectory. Nations across the region are embracing an approach grounded in energy security realism — one that values reliability and development alongside decarbonization. As Bala closed the session, she reminded delegates that “the transition is not about choosing between coal, uranium, or solar — it’s about designing a system where they can coexist, sustainably and securely.”