World Bank releases $46mn to assist Uzbekistan in cutting industrial emissions

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.