Uzbekistan and the World Bank signed a $46 million project

As part of the annual meetings of the World Bank Group and the International Monetary Fund held in Morocco, representatives of the Government of Uzbekistan and the World Bank signed a $46 million project to reduce carbon dioxide emissions. This was reported by the bank's press service.

It is noted that these funds will be used to implement the project "Innovative carbon financing for the transformation of the energy sector of Uzbekistan" (iCRAFT). The project will support clean energy production, energy efficiency, and energy subsidy reform.

Funded by the World Bank's Transforming Carbon Asset Fund (TCAF), the iCRAFT project is the Bank's first global initiative to support energy reforms, encouraging the reduction of greenhouse gas emissions through payments for specific sector-specific results. encourages. The project will help Uzbekistan to fulfill its international obligations in the field of climate change and to use energy resources efficiently.

"According to forecasts, during its implementation, we will be able to reduce carbon dioxide emissions by about 60 million tons. Out of these 60 million tons, 2-2.5 million tons of carbon dioxide will be purchased from the country within the framework of the project. Uzbekistan will be able to sell the remaining carbon units on the international carbon markets using the systems, infrastructure and mechanisms created and tested during the project," says Jamshid Kochkarov, Deputy Prime Minister of Uzbekistan and World Bank Group Manager. .

Part of the funds provided within the framework of the project will be used to protect low-income households from rising tariffs. In particular, the project supports the implementation of the state program on the transition to the "green" economy and other measures aimed at reforming the energy sector.