Photo from spot.uz
The Asian Infrastructure Investment Bank (AIIB) will provide Uzbekistan with $500 million to implement a program aimed at transitioning to a “green” and sustainable market economy, Gazeta.uz reported, citing the press service of the international financial institution.
According to AIIB, the World Bank is a partner in the project, though the size of its contribution has not been disclosed. The program is fully aligned with Uzbekistan’s Strategy for Transition to a Green Economy through 2030, as well as the country’s commitments to reducing emissions.
The project will help the government build a more efficient management system, improve the performance of state institutions, and strengthen the country’s resilience to climate risks.
The AIIB press release notes that key components of the program include increasing transparency and efficiency in the energy sector, introducing climate-oriented public procurement rules, and creating clear regulations for issuing and trading carbon credits. All of these processes will rely on a monitoring and reporting system to facilitate the attraction of private investment.
“The program reflects AIIB’s commitment to supporting reforms in Uzbekistan that can deliver sustainable climate and economic outcomes. … We look forward to continued close cooperation with the government of Uzbekistan on its green transition,” said Konstantin Limitovsky, the bank’s Investment Director (Region 2).
In practical terms, more rational resource use and the adoption of cleaner energy solutions are expected to help reduce greenhouse gas emissions, improve air quality, and enhance resilience to climate risks.
Expanding access to energy-efficient technologies should also lower energy costs and improve living conditions, especially for vulnerable groups.
