The EBRD may allocate up to $200 million for the “greening” of Uzbekistan’s financial system.
The corresponding memorandum was signed between the Ministry of Economy and Finance and the European Bank for Reconstruction and Development.
The European Bank for Reconstruction and Development (EBRD) plans to allocate funds for the “greening” of Uzbekistan’s financial system. This is outlined in the Memorandum of Cooperation on promoting Uzbekistan’s decarbonization strategy and transition to a green economy, signed between the EBRD and the Ministry of Economy and Finance.
As part of this memorandum, the study and implementation of financial mechanisms are planned to support a special financing program worth up to $200 million for “greening” the financial system.
During a meeting held on the sidelines of the United Nations Climate Change Conference (COP29) in Baku, the parties discussed the current status of projects jointly implemented with the EBRD, particularly efforts to reduce methane emissions in Uzbekistan.
The parties also agreed on the prospects for cooperation in implementing Uzbekistan’s long-term strategy for low-carbon and climate-resilient development, in line with the country’s commitments under the Paris Agreement.
As a result of the meeting, the parties agreed to cooperate within the framework of the memorandum on “greening” the financial sector in Uzbekistan, developing an investment program to reduce emissions from waste and wastewater treatment industries, and implementing the national Nexus platform in the areas of water, food, and energy.