Tashkent, Uzbekistan (UzDaily.com) -- Today, on 9 July, a press conference was held at the Agency of Information and Mass Communications dedicated to the efforts undertaken within the framework of "Uzpromstroybank" towards transitioning to a "green" economy.

During the conference, the Bank’s leadership and experts from the State Center for Environmental Expertise presented information regarding the assurance of environmental stability and protection of the environment in our country, highlighting the Bank’s initiatives in this direction.

According to scientists, humanity must live and develop in harmony with the laws of nature; otherwise, nature will punish humankind.

However, during recent global changes, environmental crises such as the drying up of water basins, reduction of forest management, increase in waste and emissions are intensifying. Therefore, green recovery and development have become a vital necessity for the global community.

The Strategy for Transition to a "Green" Economy of the Republic of Uzbekistan for 2019-2030, developed under the guidance of the country’s leadership, sets forth a series of tasks aimed at conserving natural resources, enhancing the use of efficient means and alternative energy sources in economic sectors, and overall industrialization without losses.

The press conference highlighted that "green banking" priorities outlined in the current strategy are integral to the activities of Uzpromstroybank.

In particular, in collaboration with the International Finance Corporation, a "Plan for Developing a System for Managing Environmental and Social Risks" has been devised. A "green market" has been introduced, and "green" loans have been implemented for corporate, retail, small and medium-sized business clients.

To enhance the efficiency of assessing green projects on an international scale, the Bank has connected to the Climate Assessment for Financial Institutions (CAFI) platform.

Under international standards, policies for ESG and sustainable development, as well as an energy policy, have been developed. Further active support for global environmental and social programs has been initiated.

"Conducting business based on ESG principles and energy policy involves collaborating with clients and partners based on criteria of the ‘green’ economy, playing a crucial role in attracting prospective investors to the country," said Deputy Chairman of the Board of "Uzpromstroybank," Farrukh Abdurakhmonov. "According to this document, ways to address global problems observed on a global scale in the environmental, social, and economic spheres will be studied. This will enhance the Bank’s efforts in reducing climate change, saving large amounts of money and resources."

During the past period of the current year, the institution has financed over 410 "green" projects.

As a result, nearly 800,000 MWh of electricity, 38,000 cubic meters of water, 107,000 cubic meters of natural gas have been saved, and 320,000 tons of greenhouse gas emissions have been reduced into the environment. Approximately 6,800 jobs have been created.

The event also discussed the Bank’s participation in socio-ecological programs.

"At present, an extremely important issue is for every individual to live with a sense of ownership, contributing to the solution of the problem of preserving and strengthening ecosystems," said Director of the Department of Green Banking at "Uzpromstroybank," Bobur Sultonmuradov. "Our Bank’s team actively participates in many social projects initiated by the country’s President, such as ‘Yashil Makon,’ ‘Impactful 40 Days,’ and ‘Car-Free Day.’ Specifically, within the ‘Yashil Makon’ project during this spring season, 76,000 saplings of decorative and fruit trees and shrubs were planted out of the 90,000 saplings set for planting. In the 11 hectares of land in the mountainous and foothill area of the Bostanlik district of the Tashkent region, 5,500 almond seedlings were planted, 200 fruit tree seedlings were planted in the capital’s Mahalla ‘Barkhayot,’ and a ‘Green Garden’ was created. The Bank participated in the greening and improvement of the territory of the ‘Zomin’ reserve."

Notably, the Bank pays special attention to selecting seedling varieties that correspond to climate conditions, drought resistance, and drought tolerance. Specialists are engaged in caring for planted seedlings, utilizing advanced drip irrigation technologies on green areas.

Indeed, the Bank’s "green" principles are widely applied in its operational activities. In the Bank’s energy policy, the use of certified energy-saving technologies and equipment in the design, reconstruction, construction, and equipping of all its buildings and structures has been regulated.

"At present, solar panels with a total capacity of 1480 kW have been installed in the Main Office buildings and territorial branches of the Bank," said Bobur Sultonmuradov. "Through their use, 1.4 million kWh of alternative electricity was produced in 2023, resulting in savings of 1 billion 256 million sum. Additionally, measures have been taken to reduce paper consumption in the banking system by 50 percent annually, creating bicycle parking lots for Bank employees around the institution, and planting decorative and fruit trees."

The press conference emphasized the Bank’s consistent measures in supporting the creation of a "green" economy. It was discussed that during the increase in financial resources, the Bank will contribute to the implementation of such priority tasks as saving electricity, drinking water, and natural gas, ensuring food security, rational waste management, and reducing desertification.

"Green" technologies are a complex of technologies, equipment, devices, systems, and materials that meet "green" criteria, such as emitting minimal harmful waste into the environment during production and/or service provision, saving natural resources, and producing alternative energy sources.

"Green" projects are projects developed to introduce environmentally friendly and resource-efficient technologies in all sectors of the economy, as well as the widespread use of renewable and efficient energy sources.

"Green" credit is a credit instrument provided for full or partial financing of new or existing "green" projects, as well as for refinancing.