Energy and Climate Change in Europe & CIS

UNDP helps Uzbekistan tap carbon finance potential

UNDP and the government of Uzbekistan have announced a new initiative to help the country reduce greenhouse gas (GHG) emissions and fund sustainable development by tapping the global carbon finance market.

The 'Capacity Building for Clean Development Mechanism in Uzbekistan' project aims to develop public and private sector capacities to access carbon finance, which in turn will help reduce GHG emissions, boost energy efficiency and use of renewable energy, and support the Uzbek economy to develop in a more environmentally-friendly manner.

The Kyoto Protocol to fight global climate change offers the potential for industrialized countries to supplement domestic emissions reductions by reducing GHG emissions of developing countries through the Clean Development Mechanism (CDM). This gives developing countries the opportunity to leverage their ability to lower their own emissions cheaply, and attract investment for sustainable, environmentally friendly development. This is particularly true for Uzbekistan, which is grappling with a Soviet legacy of energy inefficiency but is well-positioned to achieve low-cost emission reductions.

To date Uzbekistan’s engagement with the CDM was limited due to a lack of capacity in the public and private sectors, and the absence of the necessary institutional frameworks to support and facilitate the flow of carbon finance into the country.

The UNDP project, which was developed following a request from the Uzbek government, will support 1) creation of a legal and institutional framework for carbon finance; and 2) building in-country capacities for identification, implementation of and resource mobilization for GHG reduction projects eligible for Clean Development Mechanism and other carbon market mechanisms.

The project will officially kick off on 5 February with an inception workshop in Tashkent to be attended government and ministry officials, who will work together to develop a project strategy.   

The Capacity Building for Clean Development Mechanism in Uzbekistan is a part of UNDP’s regional programme for Kyoto Protocol capacity building in Eastern Europe and CIS.

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