Uzbekistan's Ministry of Economy and Finance solidified its commitment to sustainable development by reaching an agreement on financing green economy projects during the 29th United Nations Conference of Parties on Climate Change (COP29). The agreement, signed in collaboration with the Global Green Growth Institute (GGGI), will provide Uzbekistan with up to $6.5mn in grant funding to support its green transition.
The Ministry's delegation, led by senior officials, held talks with Helena McLeod, Deputy Director General and Head of the Green Growth Planning & Implementation Division at GGGI. Discussions centered on ongoing cooperation, particularly the project titled "Assistance to the Implementation of the Paris Agreement by Uzbekistan and Joint Actions with the Republic of Korea in Accordance with Article 6."
This initiative aligns with Uzbekistan’s efforts to implement reforms promoting sustainable growth. The project focuses on mobilizing green investments, supporting climate-resilient agriculture and forestry, advancing sustainable financing mechanisms, and developing carbon markets. These measures are integral to fulfilling the commitments outlined in the Paris Agreement.
The meeting concluded with the signing of a Framework Agreement titled “On Supporting Transition to Green Economy.” Under this agreement, Uzbekistan will receive a grant to fund key initiatives aimed at achieving climate goals.
The grant will enable the country to:
- Expand green investment opportunities.
- Strengthen climate-resilient agriculture and forestry sectors.
- Develop a strategic framework for sustainable financing.
- Establish and enhance carbon market mechanisms.
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