The Asian Infrastructure Investment Bank (AIIB) has approved a $250 million program to support Uzbekistan’s transition to a sustainable and green economy. The funding aims to help Uzbekistan reduce greenhouse gas emissions per unit of GDP by 35 percent by 2030, compared to 2010 levels, and foster sustainable economic development.
The program focuses on three key areas. First, it aims to improve governance by enhancing climate policies and integrating climate goals into national decision-making processes. Second, it addresses better management of land and water resources, reduces climate risks, and supports economic development. Finally, the program promotes low-carbon solutions in energy, e-mobility, and transportation, with an emphasis on sustainable practices and energy efficiency.
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State-owned enterprises are encouraged to adopt climate risk disclosure practices and expand renewable energy projects. Konstantin Limitovskiy, AIIB Vice President, highlighted the importance of collaboration between AIIB, the Asian Development Bank, and Uzbekistan. He stated that integrating climate priorities into financial planning, boosting adaptation efforts, and driving decarbonization in sectors like energy and transport play a crucial role in implementing Uzbekistan’s 2030 national strategy and fulfilling its commitments under the Paris Agreement.
ADB Country Director for Uzbekistan, Kanokpan Lao-Araya, emphasized that climate change presents a significant challenge to the country’s long-term economic stability. She noted that the Asian Development Bank and AIIB are working together to support Uzbekistan in achieving inclusive, resilient, and low-carbon economic growth.