Tashkent, Uzbekistan (UzDaily.com) —  The World Bank office in Tashkent and the Ministry of Economy and Finance of Uzbekistan conducted a two-day seminar dedicated to preparing the country for participation in international carbon markets.

These markets are a key instrument for implementing the Paris Agreement, an international treaty aimed at limiting the rise in global temperatures by reducing greenhouse gas emissions.

The seminar was supported by the project "Innovative Carbon Financing for the Transformation of Uzbekistan’s Energy Sector" (iCRAFT), which assists the country in reducing emissions, enhancing energy efficiency, and providing access to international carbon markets.

As part of the iCRAFT implementation, Uzbekistan has set an ambitious goal: to reduce carbon dioxide emissions by 60 million tons. Of this amount, 2.5 million tons will be purchased under the project, while the remaining carbon units can be sold on international markets, using mechanisms developed during iCRAFT.

iCRAFT is the first project financed by the World Bank’s Carbon Asset Transformation Fund (TCAF), which helps developing countries, including Uzbekistan, fulfill their commitments under the Paris Agreement to reduce emissions and adapt to climate change.

During the seminar, representatives from the Ministry of Economy and Finance, the Ministry of Transport, the Ministry of Construction and Housing, and the Ministry of Ecology, Environmental Protection, and Climate Change were introduced to draft regulatory documents developed with TCAF’s technical support. These documents are designed to accelerate Uzbekistan’s participation in transactions on international carbon markets operating under the Paris Agreement.

Participants also discussed the progress made in establishing a national carbon registry, a key element for improving carbon market management in Uzbekistan. Further steps for developing the capacity of government agencies in managing and participating in transactions on international carbon markets were also considered.

The seminar was an important step in implementing Uzbekistan’s strategy for transitioning to a green economy and participating in global efforts to combat climate change.