The government of Uzbekistan and the European Bank for Reconstruction and Development (EBRD) have signed a memorandum of understanding on a long-term cooperation to achieve the carbon neutrality of the Uzbek energy sector by 2050, Uzbekistan’s Energy Ministry said on April 28.

The cooperation will help implement the gradual decarbonisation strategy of Uzbekistan.

“Under the agreement, the EBRD plans to provide technical support and assistance in financing, in particular, the development and implementation of projects for large-scale power plants based on renewable energy sources( RES), the implementation of solutions for the modernisation of the modern power grid, the decommissioning of old inefficient thermal power plants, as well as the modernization and conversion of the gas generation fleet”, the ministry said in a statement.

According to the first vice-president of the EBRD, Jurgen Rigterink, the development of a roadmap towards the decarbonisation of the energy sector in Uzbekistan "reflects the Bank's strategic priorities in the country and was supported by the government of Japan."

At the request of the EBRD, the government of Japan provided financial support for the preparation of a roadmap for the transition of Uzbekistan's energy sector to a low-carbon future.

Uzbekistan's cooperation with the EBRD has been revived under the Mirziyoyev administration that assumed office in late 2016. Since the beginning of its activities in Uzbekistan, the EBRD has invested more than €2bn in 92 projects in the country, including seven projects in the energy sector with a total value of around $1bn.

Earlier this month, the EBRD said it was planning to hold its 2023 shareholder meeting in Uzbekistan.

The Energy Ministry announced the low-carbon energy strategy in May 2020. The country intends to focus on the development of low-carbon energy sources, including nuclear energy, solar, hydro and wind energy.