1.3 Tons of Precious Metals Sold on Commodity Exchange in Half a Year
Uzbekistan Commodity Exchange reports record sales of “green” certificates worth 257 million UZS in first half of 2024
The Uzbekistan Commodity Exchange has announced that, for the first time, “green” certificates worth 257.2 million UZS were sold through the platform in the first half of 2024. This comes as part of the exchange’s efforts to promote environmentally friendly practices and support the country’s transition to renewable energy sources.
In addition to the sale of “green” certificates, the exchange also reported that 1.3 tons of precious metals were sold during the same period, totaling 876.5 billion UZS. The majority of this revenue, 873.5 billion UZS, came from the sale of gold, with the remaining 3 billion UZS coming from silver. The market price of gold saw a significant increase of 19% during this time, rising from 794.2 thousand to 944.7 thousand UZS per gram.
The introduction of “green” certificates was mandated by a state program in 2023, which encourages enterprises to purchase the certificates as an alternative to installing solar panels in order to meet environmentally friendly energy targets. The certificates represent 1000 kWh of electricity generated from renewable sources such as hydroelectric, solar, and wind energy.
To facilitate the trading of “green” certificates, a new set of rules and procedures for issuing and releasing them was approved last October. The process involves a registration fee, with costs varying depending on the capacity of the generation facility. In February 2024, the president exempted income from “green energy” certificates from profit tax, further incentivizing their use.
Furthermore, in June, “green” bonds were included in the rules for issuing securities on the exchange. When applying for the registration of “green” bond issuance, companies must specify the intended use of funds according to green standards and provide planned results for achieving environmental goals. Compliance with these standards is monitored through the issuance of certificates of conformity.
Overall, the Uzbekistan Commodity Exchange’s efforts to promote “green” energy and environmentally friendly practices are showing positive results, with increasing interest from both enterprises and investors in supporting sustainable development initiatives in the country.
