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.
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