The EBRD may allocate up to $200 million to Uzbekistan for green growth initiatives.

The memorandum was signed in Baku during the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29).

During the meeting, the delegation from Uzbekistan, led by the Minister of Economy and Finance, discussed ongoing projects with representatives of the EBRD, including efforts to reduce methane emissions in Uzbekistan.

It is important to note that in 2022, the country joined the Global Methane Pledge.

Additionally, the prospects for Uzbekistan's fulfillment of its commitments under the Paris Agreement were discussed, including the development of a low-carbon development strategy and enhancing climate resilience.

The memorandum envisions support for the implementation of a special financial program aimed at greening the country's financial system, with a budget of up to $200 million. A financial infrastructure will also be developed and implemented to achieve environmentally sustainable goals.

As a result of the meeting, the parties agreed to continue cooperation on several key areas, including the greening of Uzbekistan's financial sector, the creation of an investment program to reduce methane emissions in waste management and water supply sectors, as well as the introduction of a Nexus platform for integrated management of water, food, and energy resources in the country.