Uzbekistan’s Ministry of Economy and Finance and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) held a meeting during the 29th session of the United Nations Conference of Parties on Climate Change (COP29) in Baku to review ongoing projects and explore future cooperation focused on advancing sustainable economic development.
The key focus was on the project “Promotion of the Private Sector and Economic Policy Advice in Uzbekistan,” which was initially launched at COP28 in Dubai in December 2023.
The project, designed to foster Uzbekistan’s green industrial transition, has already attracted €9mn in German funding. The initiative aims to support Uzbekistan’s shift to a green economy by providing expertise and resources for the development of green industrial parks, the implementation of circular economy models, and the adoption of sustainable production technologies by the private sector.
At the meeting, Ilka Starrost, Senior Project Director at GIZ, and representatives from the Ministry of Economy and Finance highlighted the significant progress made under the project, emphasizing its role in helping the government implement essential economic reforms. The discussion also focused on the support for Uzbekistan’s participation in international carbon trade and its adaptation to the European Union’s Carbon Border Adjustment Mechanism (CBAM).
The project is expected to improve the measurement and certification of carbon emissions, supporting businesses in adopting green technologies and aligning with global environmental standards. The government’s capacity for “green” industrialization and green economy development will also be strengthened as part of the ongoing collaboration.
The meeting concluded with the signing of a memorandum between Uzbekistan’s Ministry of Economy and Finance and GIZ, which allocated an additional €3mn to further the project’s objectives. This funding will enhance the efforts to bolster Uzbekistan’s private sector and support the transition to a greener, more sustainable economy.