Tashkent, Uzbekistan (UzDaily.com) —  An investment project aimed at the green rehabilitation of the Republic of Karakalpakstan has been launched in Uzbekistan, focused on addressing the aftermath of the Aral Sea crisis (Aral Sea GRIP).

The initiative is being implemented in collaboration with the Global Green Growth Institute (GGGI) and with support from the Korea International Cooperation Agency (KOICA).

This project represents an innovative approach, transforming traditional technical assistance with a professional risk assessment (PRA) into active mobilization of green investments. This approach is underscored by the issuance of sustainable and green bonds totaling US$1 billion, which were placed on the London Stock Exchange through partner banks.

The GRIP initiative aims to attract significant international funding for climate and environmental projects in Uzbekistan, accelerating the country’s transition to a green economy and enhancing the ecological impact of such investments.

At an event dedicated to the project, the head of the Secretariat of the Ministry of Ecology, Environmental Protection, and Climate Change, Utkir Jumonov, thanked international partners for their support. He emphasized the importance of mobilizing green and climate finance to address the country’s environmental challenges.

"We appreciate the support of GGGI, KOICA, and other partners, which allows us to implement the best international practices and knowledge. This contributes to the achievement of Uzbekistan’s Green Growth Agenda," said Jumonov.

Aaron Russell, a GGGI representative in Uzbekistan, stated that the project is focused on developing climate-resilient and economically efficient agriculture, in line with the initiative of the President of Uzbekistan, who has declared the coming year as the year of environmental protection and green economy.

The GRIP project focuses on supporting the most vulnerable communities in Karakalpakstan, including the Bozatausky, Chimbai, Kara-Uyzak, and Kegeyli districts. Here, climate-smart agriculture (CSA) technologies will be introduced, green investments will be encouraged, and environmental resilience will be enhanced.

To achieve these goals, the project supports financial institutions in integrating green financing standards and ESG (Environmental, Social, and Governance) principles. Together with SQB and Agrobank, global standards for sustainable financing are being developed, which will serve as a guide for banks to incorporate ecological and sustainable factors into their financial policies.

Melis Kostnazarov, Deputy Head of the Karakalpak Republican Chamber of Commerce and Industry, noted that farmers in the region are actively adopting green technologies. Workshops and training sessions organized with the participation of GGGI have allowed farmers to familiarize themselves with the practical advantages of these technologies.

With technical support from GGGI, two thematic bonds have already been issued, raising over US$1 billion for sustainable initiatives in Uzbekistan.

As part of the project, a Climate-Smart Agriculture Financing Fund is being established for SQB, which will use GGGI’s developed system for verifying new projects and creating a portfolio of investment and grant initiatives.