Publication: Prime Picks for a Green Pivot: Uzbekistan State Funds for Climate Action
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2024-11-15
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2024-11-15
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The Government of Uzbekistan has set out to undergo a green and climate-resilient economic transition as part of its overall economic development and market orientation. Given the investment needs, a step increase in financing will be needed for a successful transition. Uzbekistan Country Climate and Development Report estimated the cost of decarbonizing the energy system to be US$20 billion annually starting in 2030 and rising thereafter. Financing is required to address other environmental issues like waste and pollution management, nature and ecosystem protection, and investments into climate-resilient infrastructure and communities. The objective of this study is to identify specific state-owned financial institutions (SOFIs) and state-owned enterprises (SOEs) that can effectively take on additional climate change and environmental targets and actions in their financing operations. One indicationof suitability is the entity’s readiness for adopting new investment guidelines and approval processes to prioritize green activities, based on robust definitions such as the National Green Economy Taxonomy (NGET). For specific high-potential funds and enterprises, or ‘green champions’, this report also presents recommendations for adopting the NGET and other green guidelines into the investment review and approval processes. The recommendations in this report are directed primarily at Ministry of Economy and Finance (MEF9)—as the major owner of many SOFIs and SOEs and therefore able to set greening requirements upon them and as the lead ministry responsible for cross-cutting green economy policies. The intended outcome is for state funding for climate and environmental initiatives to crowd in and increase more private financing for green investments. State funding channels demonstrate their role by setting investment targets and disclosing the share of green and non-green investments. The Government of Uzbekistan, with technical and financial support10 from the World Bank and other development partners, has set an aspiration to allocate 30 percent of state funding to green projects by 2026. This significant increase in public support for environmental and climate action is expected to influence private sector priorities as well.
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“World Bank; Ministry of Economy and Finance of the Republic of Uzbekistan. 2024. Prime Picks for a Green Pivot: Uzbekistan State Funds for Climate Action. © World Bank. http://hdl.handle.net/10986/42421 License: CC BY-NC 3.0 IGO.”
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