New agreement between Uzbekistan and the World Bank to reduce industrial emissions

The president of Uzbekistan, Shavkat Mirziyoyev, signed a decree of agreement with the World Bank aimed at reducing carbon emissions in industry.

The media reported that the World Bank’s funds estimated at 46.25 million dollars are used to implement Uzbekistan’s goals set by this project.

According to the media, this joint venture with the World Bank consists of two main components:

1. “Reduced emissions purchase agreement” with a total financing of USD 20 million؛
2. “Agreement on the results of the mitigation of the purchase” with the allocation of funds in the amount of 25 million dollars.

This agreement is expected to reduce carbon emissions by 15 dollars per ton, while under the second agreement, it is 30 dollars per ton.

Moreover, in terms of funding, 1.25 million dollars will be allocated to the Global Fund for adaptation and emission reduction, and an additional two million dollars will be allocated for the development of a greenhouse gas register and the creation of a monitoring, reporting and verification (MRV) system.

According to the measures taken, it is planned to place a database of the greenhouse gas register and the MRV system on an online platform focused on supporting the green economy within two months.