Tashkent, Uzbekistan (UzDaily.com) —  The European Bank for Reconstruction and Development (EBRD) may allocate up to US$200 million to Uzbekistan to support the country’s "green" growth. This became possible through the signing of a Memorandum of Cooperation between the Ministry of Economy and Finance of Uzbekistan and the EBRD, aimed at promoting the strategy of decarbonization and transitioning to a sustainable green economy.

The memorandum was signed in Baku during the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29).

During the meeting, the Uzbek delegation, headed by the Minister of Economy and Finance, discussed ongoing projects with EBRD representatives, including efforts to reduce methane emissions in Uzbekistan.

It is important to note that in 2022, the country joined the Global Methane Pledge, committing to reduce methane emissions.

Additionally, the prospects of fulfilling Uzbekistan’s obligations under the Paris Agreement were discussed, including the development of a low-carbon development strategy and improving climate resilience.

The memorandum envisions support for implementing a special financial program to green the country’s financial system, with funding up to US$200 million. A financial infrastructure will also be developed and implemented to achieve environmentally sustainable goals.

As a result of the meeting, the parties agreed to continue cooperation in several key areas, including greening Uzbekistan’s financial sector, creating an investment program to reduce methane emissions in the waste management and water supply sectors, and implementing the Nexus platform for integrated management of water, food, and energy resources in the country.