The World Bank has granted Uzbekistan funds amounting to $46.25mn to back efforts aimed at cutting industrial emissions.
A 2023-2028 nationwide project to be implemented jointly by Uzbekistan and the international financial institution has two components:
- A reduced emissions purchase agreement with $20mn in financing;
- An agreement on the purchase of mitigation results with financing in the amount of $25mn.
Under the first agreement, the agreed price of reduced carbon emissions will be $15/tonne. Under the second, it will be $30/tonne.
In addition, $1.25mn will be allocated to the Global Fund for Adaptation and Emission Reduction.
Another $2mn will be spent on the creation of a greenhouse gas registry and the development of a monitoring, reporting and verification system (MRV).
By July 1, 2024, the government plans to introduce a system of green taxonomy for the ecological classification of economic activities.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
Eurasian Development Bank redeems €286mn Eurobond
The Eurasian Development Bank (EDB) said on March 26 it had fully redeemed a five-year Eurobond, meeting all obligations to investors at maturity. The bank paid a total of €286mn, covering both ... more
Georgia’s TBC Bank weighs up separate IPO for TBC Uzbekistan digital bank
London-listed TBC Bank Group PLC (LON: TBCG) is weighing up conducting a separate initial public offering (IPO) for its TBC Uzbekistan digital bank business. Reuters on February 24 ... more
IndiGo cancels Central Asian flights until late February over Iran tensions
Indian budget carrier IndiGo has cancelled all flights to and from Tbilisi, Almaty, Baku and Tashkent until February 28 due to the developing situation around Iran, the airline announced on February ... more