BAKU, Azerbaijan, May 4. The sustainability link, or green financial product, has become a hot commodity in Uzbekistan, Regional Head of Asian Development Bank (ADB) Enrico Pinali said during the III Tashkent International Investment Forum, Trend reports.
“A lot of state-owned enterprises are looking for it, whether to direct funding from ADB and others or to access the capital market. I think one of the challenges in the work so far has been to help develop the green pipeline, the taxonomy, or the green project. That can take different faces. You can work on developing a product that is targeted to specific categories like renewable energy or energy efficiency,” he said.
Enrico Pinali noted that banks have to create a dedicated product line, and that’s something that ADB is trying to do and has done with some state-owned enterprises.
“Other areas of engagement have been the construction mortgage industry. The challenge in this area is how to design a construction industry-related product and how to renovate toward green principle houses. You have to be able to monitor to justify that it is green,” the regional head of the bank added.
Meanwhile, the III Tashkent International Investment Forum was held in Tashkent on May 2–3.
Almost 2,500 people from 84 countries were expected to participate in the forum. Among them were government representatives, heads of major companies, as well as high-ranking guests from international organizations such as the UN, EBRD, OPEC, and SCO.
The forum program included more than 40 events, including breakout sessions, round tables, presentations, and meetings of intergovernmental commissions. A launching ceremony for a number of projects in Uzbekistan was also envisaged.