Uzbekistan

World Bank provides funds to Uzbekistan for mitigating energy tariff impact

The World Bank has granted Uzbekistan a $7.5 million tranche to help mitigate the impact of energy tariff reforms on the socially vulnerable segments of the population. This grant, part of the “Innovative Resources for Energy Sector Reforms” project, is in line with a decree issued by the President of Uzbekistan on August 8, 2023.

The funds from this first tranche will specifically target the “Emission Reduction Purchase Agreement” (ERPA) component of the project, aiming to lessen the effects of energy tariff reforms on vulnerable groups and provide them with necessary support. This grant, categorized as a return simulating international greenhouse gas trading, will help reduce greenhouse gas emissions in Uzbekistan.

The allocated funds will support the transition to a green economy in Uzbekistan by establishing a greenhouse gas emissions monitoring system, assisting the Energy Market Development and Regulation Agency and “Uzelektrosbyt” JSC, implementing energy sector regulatory and institutional reforms, carrying out pilot projects to provide solar panels to vulnerable families, and financing initiatives to improve energy efficiency within the country.

Overall, this grant from the World Bank will be crucial in ensuring that the socially vulnerable populations in Uzbekistan are not disproportionately affected by energy tariff reforms, while also promoting sustainable and environmentally-friendly practices in the energy sector.

 

Hostinger

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