Tashkent, Uzbekistan (UzDaily.com) — Wwithin the 29th session of the United Nations Conference of Parties on Climate Change (COP29) in Baku, the delegation of the Ministry of Economy and Finance held a meeting with Ilka Starrost, Senior Project Director of Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ).

At the meeting, the current status of the projects implemented by the parties, in particular, the work being carried out in connection with the project “Promotion of the private sector and economic policy advice in Uzbekistan” and the directions of cooperation in this regard were discussed.

Agreement on the project “Promotion of the private sector and economic policy advice in Uzbekistan” was signed between the Ministry of Economy and Finance and GIZ during the 28th session of the Conference of Parties (COP28) on Climate Change within the United Nations, held in December 2023 in Dubai, United Arab Emirates.

In order to green the industry and support the private sector in the transition to the green economy, German funds in the amount of 9 million euros have been attracted within the framework of this project.

It was emphasized that the project helps the government to implement economic reforms and provide conditions for sustainable economic development, with a particular focus on strengthening public and private sector capacity for “green” industrialization and green economy.

The project will also provide expertise on carbon emissions measurement and certification, support Uzbekistan’s participation in international carbon trade, and adaptation to the EU Carbon Border Adjustment Mechanism (CBAM). The private sector will be supported in adapting green technologies for resource-efficient, sustainable production, e.g. through circular economy models and green industrial parks.

At the end of the meeting, a memorandum was signed between the parties on the allocation of 3 million euros in addition to the project “Promotion of the private sector and economic policy advice in Uzbekistan”.