LocationsUNDP, with EU and AFD, helps the Government of Uzbekistan on Green Bonds impact monitoring and reporting
August 2, 2024
On July 30-31, 2024, United Nations Development Program (UNDP) held with the Ministry of Economy and Finance of the Republic of Uzbekistan a two-day workshop aimed at enhancing the knowledge and skills of the national partners in green bonds proceeds allocation as well as impact monitoring and reporting. This workshop was a part of UNDP’s new joint initiative with the Government of Uzbekistan on “Support to Financing Green Development in Uzbekistan” that is funded by the European Union through the French Development Agency (AFD).
More than 50 representatives of the Ministry of Economy and Finance of the Republic of Uzbekistan participated to this event, including the Treasury Service Committee and its regional departments, Ministry of Agriculture, Ministry of Water Resources, Ministry of Ecology, Environment Protection and Climate Change, Joint-Stock Company “Uzsuvtaminot” and others.
In October 2023 Uzbekistan issued its first ever Green Sovereign Eurobonds worth of 4.25 trillion UZS on the London Stock Exchange and demonstrated its strong commitment towards green development and green transition. The issuance of Green Bonds attracted interest of more than 30 international investors from the United States, Great Britain, European Union, Asia, Middle East and Northern Africa, etc. Investors welcomed Uzbekistan's ongoing reforms, including the transition to a green economy, liberalization of the energy sector, privatization of the state-owned enterprises, and pursuing trade liberalization through accession to the World Trade Organization.
The main objective of the workshop was to present and familiarize the participants with the green bonds’ principles, regulatory framework, international standards and key regulatory bodies, funds allocation processes, impact monitoring and reporting, data collection techniques, etc. A team of UNDP international and local experts delivered the presentations and facilitated the group discussions. The workshop participants were able to learn green finance concepts, global developments and trends, green bond allocation processes including the project selection and eligibility criteria, defining key indicators, impact monitoring, assessment and reporting methodologies, etc. Special session was devoted to the lessons learnt and main challenges faced by the government during the impact monitoring and reporting on SDG Bonds issued by Uzbekistan in July 2021.
UNDP’s new joint initiative with the Government of Uzbekistan on “Support to Financing Green Development in Uzbekistan”, funded by the European Union through the French Development Agency (AFD), aims at helping the Government in establishing an integrated approach towards identification, assessment, and integration of potential sources of financing for achieving the country’s green priorities and objectives. The initiative will also further mainstream green considerations into the budgetary process through a full-scale introduction of green budgeting methodologies, streamlining and using public finance more effectively as well as piloting and introducing new innovative financing instruments.
