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$1 billion has been mobilized for Uzbekistan`s transition to a "green" economy.
The initiative is being implemented in collaboration with the Global Green Growth Institute (GGGI), with support from the Korea International Cooperation Agency (KOICA).
The project represents an innovative approach that transforms traditional technical assistance with the assessment of professional risks (OPR) into active mobilization of green investments. This approach is confirmed by the issuance of sustainable and green bonds worth $1 billion, placed on the London Stock Exchange through partner banks.
The GRIP initiative focuses on attracting significant international financing for climate and environmental projects in Uzbekistan, which will accelerate the country's transition to a green economy and enhance the environmental impact of such investments.
At the event dedicated to the project, Utkir Jumonov, head of the Secretariat of the Ministry of Ecology, Environmental Protection, and Climate Change, thanked international partners for their support. He emphasized the importance of mobilizing green and climate finance to address the country’s environmental challenges.
"We value the support of GGGI, KOICA, and other partners, which allows the implementation of the best international practices and knowledge. This helps fulfill the tasks of Uzbekistan's Green Growth Agenda," said Jumonov.
GGGI's representative in Uzbekistan, Aaron Russell, noted that the project is aimed at developing climate-resilient and economically efficient agriculture, supporting the initiative of the President of Uzbekistan, who declared next year the year of environmental protection and green economy.
The GRIP project focuses on supporting the most vulnerable communities in Karakalpakstan, including Bozatau, Chimbay, Karauyzak, and Kegeyli districts. Climate-smart agriculture (CSA) technologies will be introduced here, green investments will be stimulated, and environmental sustainability will be enhanced.
To achieve these goals, the project supports financial institutions by helping them integrate green financing standards and ESG (environmental, social responsibility, governance) principles. Together with banks SQB and Agrobank, global sustainable financing standards are being developed, which will serve as a guide for banks to incorporate environmental and sustainability factors into their financial policies.
Melis Kostnazarov, deputy head of the Karakalpak Republican Chamber of Commerce and Industry, noted that farmers in the region are actively implementing green technologies. Seminars and training sessions organized with the participation of GGGI have allowed farmers to experience the practical benefits of these technologies.
With technical support from GGGI, two thematic bonds have already been issued, attracting more than $1 billion for sustainable initiatives in Uzbekistan.
As part of the project, a Climate-Smart Agriculture Financing Fund is being created for SQB, which will use the GGGI-developed system for vetting new projects and forming a portfolio of investment and grant initiatives.
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