Uzbekistan, Kyrgyzstan Launch New Regional Project to Boost Green Investments and Climate Financing

A new regional initiative aimed at promoting green investments and removing barriers to climate financing in Uzbekistan and Kyrgyzstan has been launched in Tashkent.

The project is supported by the Global Green Growth Institute (GGGI) and the Small Grants and Climate Innovation Fund (SGCIF), financed by the UK government. It is part of the regional program “Climate Risk Management in Central Asia,” implemented by GIZ on behalf of the German government, The Caspian Post informs via Uzbek media.

The seminar brought together representatives from the embassies of the United Kingdom and Germany, as well as officials from national ministries responsible for ecology, agriculture, finance, and economic development.

International support for climate action

Sarah Cooper, Development Director at the UK Foreign, Commonwealth and Development Office (FCDO) in Central Asia, noted that attracting climate finance is key to reducing climate risks and strengthening the resilience of regional economies.

“The UK is proud to support a project that will promote sustainable growth and development across Central Asia,” she said.

Deputy Head of Mission at the German Embassy, Clemens Schwankhold, emphasized Germany’s role as a strategic partner in climate financing.

“With our shared ambition, the project’s results can become a model for other countries in the region,” he said.

Main goals and expected outcomes

The project will assess the current state of climate finance in both countries and identify major obstacles to scaling up green investments. It will also develop sustainable financing mechanisms for at least two commercial banks in each country - expected to mobilize over $50 million for green projects.

In addition, new financial tools will be introduced to help businesses, farmers, and financial institutions access funding for environmentally sustainable solutions.

Previously, GGGI supported Agrobank and Sanoat Qurilish Bank (SQB) in developing green financing instruments, which helped mobilize nearly $1 billion in sustainable and green bonds in 2024 for climate and social projects.