Tashkent, Uzbekistan (UzDaily.com) -- The representatives of Coordination of Transition and Development to Green Economy Department of the Ministry of Economy and Finance held a meeting with The European Bank for Reconstruction and Development (EBRD) principals for Nature Finance and Policy (CSD) – Caroline Vexler and for Climate Strategy and Regional Delivery – Anvar Nasritdinov to discuss the Bank proposal on implementing Nature Finance project. 

Approach to Nature is a strategic framework aimed at directing resources towards environmental conservation while fostering sustainable economic growth. This approach, centered on Technical Cooperation, policy dialogue, and investment, outlines a clear roadmap for tackling the pressing challenges posed by the global nature crisis.

The Approach includes following Key Focus Areas:

Blue-Green Infrastructure: The EBRD is committed to actively restoring ecosystems through investments in blue-green infrastructure. It aims to provide essential ecosystem services by investing in natural capital assets as physical infrastructure.

Pollution Prevention and Circular Economy: Addressing the detrimental impacts of pollution on ecosystems, the EBRD will focus on reducing resource intensity through initiatives such as wastewater treatment and plastic waste reduction. 

Primary Production and Nature Governance: Collaborating with clients to mitigate drivers of biodiversity loss, the EBRD will support sustainable practices within agriculture, forestry, and fishery activities and their associated supply chains.

During the meeting, proposals for cooperation of EBRD with relevant state bodies to develop economic prospects that have a positive effect on nature were discussed. By identifying investment opportunities that align with these perspectives, parties agreed to align their efforts with government priorities and engage the private sector in initiatives that positively impact nature.

Moreover, parties exchanged views on the work being carried out under the program “Reduction of methane emissions in the field of energy, waste and agribusiness” in cooperation with EBRD. At the same time, it was agreed that in March 2024 the representatives of EBRD will start practical work on measuring the amount of methane emissions on the territory of the republic.

During the first international forum on poverty reduction held in Bukhara in 2022, Uzbekistan joined the Global Methane Pledge and committed to reduce methane emissions by 30 percent by 2030 compared to 2020 year's level.

The initiative of developing nationally determined contributions (NDC) implementation roadmaps for Climate Smart Agrifood Systems has been highlighted, which was developed by the Food and Agriculture Organization (FAO) in cooperation with EBRD, aimed at decarbonizing the agrifood sector in Uzbekistan.

At the end of the meeting, both sides expressed readiness for further development of co-operation and strengthening of partnership relations.