The Ministry of Economy and Finance of the Republic of Uzbekistan has entered into a strategic partnership with the German Agency for International Cooperation (GIZ), represented by Mr Torsten Bretsina, to initiate a green industrialization project titled “Private Sector and Economic Policy Advice in Uzbekistan.” The project, valued at €9mn, is set to propel the nation towards sustainable industrial development.
The comprehensive initiative aims to pinpoint key industrial sectors ripe for a green transition, fostering an ecosystem conducive to environmentally friendly practices. A pivotal component of the project involves the establishment of robust international relations and the facilitation of knowledge exchange, ensuring Uzbekistan’s alignment with global green standards.
Participants in the project will receive specialized training to accurately measure and certify carbon dioxide emissions, a critical step in the global effort to mitigate climate change. German experts will lend their support to Uzbekistan in the international trading of CO2 certificates, bolstering the country’s presence in the green economy on the world stage. Furthermore, assistance will be provided to integrate Uzbekistan into the European Union’s cross-border management system (CBM), enhancing the nation’s regulatory compliance and market access.
The initiative also places a strong emphasis on innovation, guiding businesses in the adoption of green production methods. Special attention will be directed towards regions and industries most susceptible to the adverse impacts of climate change, ensuring targeted and effective interventions.
In a broader context, the discussions have extended to the formulation of master plans dedicated to each region’s transition to a green economy, laying the groundwork for a comprehensive and sustainable transformation across Uzbekistan.
This green industrialization project is part of a larger movement within Uzbekistan to embrace a green economy. The European Bank for Reconstruction and Development (EBRD) has pledged to support this vision by providing a loan of $45mn to Ipak Yuli Bank, aimed at fostering green lending and trade. Additionally, Ipoteka-Bank is poised to receive a loan and concessional financing amounting to $10mn from international financial institutions, further solidifying Uzbekistan’s commitment to sustainable economic growth.
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