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ture capital investments: clean technologies are already the third largest (after
information and nanotechnology) in terms of attracting the venture capital investment.

Due to the current lack of strategic investors, the implementation of expensive
investment programs for the construction of new power plants should be postponed for
the long term, and priority should be the implementation of the national program of
energy saving, which should provide a more efficient use of available energy resources.
The effectiveness of energy saving projects is obvious: the investment cycle to 1.5
years with a payback period of 1.5-2 years, the cost of energy efficiency is 2 times lower
than the production of the same amount of energy.

With rising energy prices, the only way to reduce energy costs is the reduction of its
unnecessary consumption, e.g. improving the energy efficiency. Therefore, the main
source of energy and the direction of improving the country's energy supply now and in
the nearest future can certainly be energy saving. In this regard, the most important
aspect of energy policy in Tajikistan should be to identify ways to reduce the growth of
energy needs without negative consequences for economic and social development,
increasing fuel and power efficiency, as well as move of the country's economy on the
path of energy saving. Today efficient use of energy is considering in the world as a
new source of supply. Certainly, the high-energy consumption of our economy is largely
determined by obsolete production assets, depreciation of equipment, imperfection of
technology and other objective reasons. However, there are also subjective factors: the
waste of energy because of not effective management, and most importantly - the
imperfection of management tools. According to expert estimates, the potential of
energy saving in our country is around 35-40%, and this potential can be used
effectively in the introduction of energy-saving technology that does not require large
investments.

For the implementation of energy efficiency programs and energy efficiency do not need
to "reinvent the wheel". In world practice there are more than 600 specific measures
and energy-saving technologies, available in the domestic and global markets and the
implementation of which may result in the 20 percent of the saved energy.
Implementation of energy efficiency measures, starting with very simple technology to
the most complex, highly technical, can provide work to people of different professions.
It is much cheaper to economical use of energy than to build new power plants. Energy
efficiency - the best choice, as energy efficiency measures are less expensive than the
construction of new power plants; moreover, efficiency measures are safe for the
environment, while any other technology of energy has a negative impact on the
environment to a greater or lesser extent.

A new law "On energy efficiency and energy saving" adopted in Tajikistan on
September 9th, 2013. The law contains provisions to introduction the practice of
mandatory energy audits, establishment of procurement procedures, including criteria
for energy efficiency requirements for energy consumption in buildings and appliances,
and others. The law also envisages the establishment of the National Fund of
renewable energy sources, energy conservation and efficiency. It is necessary that on
its basis the regulations should be developed and adopted which will create the
appropriate legal and institutional framework to facilitate the introduction of energy-
efficient materials, equipment and technologies.

Recommendations:
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