Tashkent (TDI): The Asian Infrastructure Investment Bank (AIIB) has approved a 250 million dollars program to support Uzbekistan’s transition to a sustainable and green economy.
The funding will help Uzbekistan achieve its objective of reducing greenhouse gas emissions per unit of GDP by 35 percent by 2030, in contrast to 2010 levels, and foster sustainable economic development.
The program focuses on 3 key areas. First, it aims to improve governance by improving climate policies and integrating climate goals into national decision-making processes.
Second, it addresses better management of land resources and water, reduces climate risks, and assist economic development.
Finally, the program promotes low-carbon solutions in energy, e-mobility and transportation, with a strong emphasis on sustainable practices and energy efficiency.
The measure encourages state-owned enterprises to adopt climate risk disclosure practices and expand renewable energy projects.
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Konstantin Limitovskiy, AIIB Vice President, emphasized the significance of the collaboration between AIIB, the Asian Development Bank, and Uzbekistan.
“By integrating climate priorities into financial planning, boosting adaptation steps, and driving decarbonization in major sectors like energy and transport, this program plays an important role in pushing Uzbekistan’s efforts to implement its 2030 national strategy and fulfill its Nationally Determined Contribution under the Paris Agreement,” he said.
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ADB Country Director for Uzbekistan, Kanokpan Lao-Araya, said that climate change presents a substantial challenge to the country’s long-term economic stability.
She stressed that the Asian Development Bank and the Asian Infrastructure Investment Bank are collaborating to support Uzbekistan in achieving inclusive, resilient, and low-carbon economic growth.
