World Bank to finance reduction of harmful emissions in Uzbekistan

Uzbekistan Materials 13 August 2023 06:52 (UTC +04:00)
Kamol Ismailov
Kamol Ismailov
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TASHKENT, Uzbekistan, August 13. The President of Uzbekistan, Shavkat Mirziyoyev, has signed a decree aimed at reducing emissions in industry, Trend reports.

The funds of the World Bank in the amount of $46.25 million are used for the effective implementation of the set goals.

This joint project with the World Bank consists of two key components:

1. "Agreement to purchase reduced emissions" with total funding of $20 million;

2. "Agreement to purchase mitigation results" with the allocation of funds in the amount of $25 million.

In the context of the first agreement, it is envisaged to agree on a price for reduced carbon emissions in the amount of $15 per ton, while under the second agreement, it is $30 per ton.

Moreover, in terms of funding, $1.25 million will be allocated to the Global Fund for Adaptation and Emission Reduction, and an additional $2 million will be allocated for the development of a greenhouse gas registry and the creation of a monitoring, reporting, and verification system (MRV).

According to the taken measures, it is planned to develop a database for the greenhouse gas registry and the MRV system on an online platform focused on supporting the green economy within two months.