Publication:
Prime Picks for a Green Pivot: Uzbekistan State Funds for Climate Action

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dc.contributor.authorWorld Bank
dc.contributor.authorMinistry of Economy and Finance of the Republic of Uzbekistan
dc.date.accessioned2024-11-15T16:08:41Z
dc.date.available2024-11-15T16:08:41Z
dc.date.issued2024-11-15
dc.description.abstractThe 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/099111424124042769/P1771081864b0b01e1ab3211863df735ff1
dc.identifier.doi10.1596/42421
dc.identifier.urihttps://hdl.handle.net/10986/42421
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY-NC 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by-nc/3.0/igo
dc.subjectDECENT WORK AND ECONOMIC GROWTH
dc.subjectSDG 8
dc.subjectCLIMATE ACTION
dc.subjectSDG 13
dc.titlePrime Picks for a Green Pivoten
dc.title.subtitleUzbekistan State Funds for Climate Actionen
dc.typeReport
dspace.entity.typePublication
okr.crossref.titlePrime Picks for a Green Pivot: Uzbekistan State Funds for Climate Action
okr.date.disclosure2024-11-15
okr.date.lastmodified2024-11-14T00:00:00Zen
okr.doctypeEconomic & Sector Work::Other Financial Sector Study
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/099111424124042769/P1771081864b0b01e1ab3211863df735ff1
okr.guid099111424124042769
okr.identifier.docmidP177108-864b0bae-b3d7-431e-ab32-1863df735ff1
okr.identifier.doihttps://doi.org/10.1596/42421
okr.identifier.externaldocumentum34422508
okr.identifier.internaldocumentum34422508
okr.identifier.report194755
okr.import.id5792
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099111424124042769/pdf/P1771081864b0b01e1ab3211863df735ff1.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryUzbekistan
okr.sectorOther Public Administration
okr.themeAdaptation,Mitigation,Job Creation,Economic Policy,Green Growth,Economic Growth and Planning,Environment and Natural Resource Management,Private Sector Development,Environmental policies and institutions,Climate change,Jobs
okr.topicEnvironment::Climate Change Impacts
okr.topicEnvironment::Green Issues
okr.topicPrivate Sector Development::Small and Medium Size Enterprises
okr.topicFinance and Financial Sector Development
okr.topicSocial Protections and Labor::Employment and Unemployment
okr.unitECA ENR PM 1 (SCAE1)
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