Uzbekistan Secures €9 Million from Germany for Green Industrialization Project at COP29

The project is designed to assist the Uzbek government in implementing economic reforms and fostering sustainable economic development, focusing on enhancing the capacity of both the public and private sectors to adopt green industrialization practices.

Photo: imv.uz

At the 29th UN Climate Change Conference (COP29) in Baku, Azerbaijan, Uzbekistan's Ministry of Economy and Finance signed a key memorandum with the German International Cooperation Society (GIZ) on November 13.

The agreement secures additional funding to support Uzbekistan’s private sector in transitioning to a green economy, The Caspian Post reports, citing The Times of Central Asia.

As part of the initiative, Germany has allocated €9 million to help Uzbekistan’s private sector transition to a green economy. The project is designed to assist the Uzbek government in implementing economic reforms and fostering sustainable economic development, focusing on enhancing the capacity of both the public and private sectors to adopt green industrialization practices.

The initiative will also provide technical expertise in measuring and certifying greenhouse gas emissions, supporting Uzbekistan’s participation in international carbon trading mechanisms, and aligning with the European Union’s Cross-Border Adjustment Mechanism (CBAM). Additionally, it aims to promote resource-saving and sustainable production by encouraging the private sector to adopt green technologies, including circular economy practices and green industrial park models.

To further bolster the project, a €3 million grant was approved during the conference. This funding will complement the ongoing initiative, titled “Support to the Private Sector and Advice on Economic Policy in Uzbekistan.”