The critical role of investments in bolstering environmental protection and ecological development took center stage at the Tashkent International Investment Forum in Uzbekistan on May 3. Experts convened to deliberate on strategies aimed at fostering sustainable economic growth while preserving the country's natural resources.
Under the overarching theme of "Natural Capital: The Role of Investments in the Ecological Development of the Region," the forum drew influential speakers from various sectors to explore avenues for attracting financial resources towards creating eco-friendly economic models.
Chaired by Eva Novikova, Director of Corp Wellbeing Events, the session featured distinguished speakers including Suna Park, Advisor to the Minister of Ecology, Environment Protection, and Climate Change of Uzbekistan; Lorna Ball, Director at Arup; Raekwon Chung, Board Director of Ban Ki-Moon Foundation for a Better Future; and Daniyar Kelbetov, Chief Product Officer at AIFC authority, Chairman of the management board of AIFC Green Finance Centre.
Participants delved into pressing environmental concerns such as soil degradation, rising temperatures, and escalating natural disasters attributed to climate change. They underscored the imperative of incorporating long-term, intergenerational thinking into corporate and governmental strategies to optimize financial resources for fostering inclusive, green economic models.
Highlighting the pivotal role of investments in conserving natural capital, developing eco-friendly technologies, promoting sustainable tourism, and ensuring intergenerational equity, experts emphasized the need for concerted action to address ecological challenges.
Raekwon Chung, Director of Ban Ki-Moon Foundation For a Better Future, emphasized the collective responsibility of governments, societies, and individuals in tackling ecological issues. He stressed the importance of educating youth on environmental stewardship and fostering a cultural shift towards sustainability.
“We need to educate young people who care more about nature, instill confidence and attention in them. Recent studies show that the younger generation is more willing to pay for ecologically clean products than traditional ones. First and foremost, everyone needs to rethink themselves and think more about nature. Western countries are investing heavily in sustainable and green economies. Fortunately, Uzbekistan needs it even more,” Raekwon Chung voiced.
Lorna Ball, Director at Arup, underscored the significance of natural resources in driving economic development in Uzbekistan. She highlighted challenges posed by water scarcity, particularly in the agricultural sector, and urged proactive measures to safeguard ecological integrity while fostering economic growth.
Suna Park, Advisor to the Minister of Ecology, Environment Protection, and Climate Change of Uzbekistan, reaffirmed the country's commitment to attracting investments for ecological development. She noted policy shifts towards sustainable economic development and stressed the importance of demonstrating tangible results through pilot projects to bolster investor confidence.
“Previously, mainly financial issues and changes in the economy were discussed at the government level. But now many things are changing, and the sustainable development of a stable economy has become one of the important issues. However, we cannot ignore the problems. We need more examples to attract investors in this field. Even if we can demonstrate results with small-scale projects, it will strengthen the investor's confidence in the country. In addition, climate adaptation is also crucial. If we do not adapt to climate change in Uzbekistan, the damage to the economy will be even greater,” Suna Park shared.
However, speakers also flagged systematic challenges hindering investment in water-related projects, citing insufficient information as a significant barrier.
The forum concluded with a call for collaborative efforts between stakeholders to overcome ecological challenges, harness investments for sustainable development, and pave the way for a greener future in Uzbekistan.
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