Page 18 - "Green Investments and financial technologies: opportunities and challenges for Uzbekistan" International Scientific and Practical Conference

“Yashil investitsiyalar va moliyaviy texnologiyalar: O‘zbekiston uchun imkoniyatlar va muammolar” mavzusida xalqaro
ilmiy-amaliy anjuman materiallari to‘plami (Toshkent, JIDU, 2025-yil 7-may)

The Government of Uzbekistan has boldly and remarkably begun the journey
toward a green economy transition, inspiring other countries faced with similar
challenges. In the last five years, it has recalibrated its investment policies, realigned
subsidies, and introduced incentives to spur climate investment, green standards and
regulations. The Ministry of Economy and Finance (MEF and its investee
companies, both the state-owned financial institutions (SOFIs) and state-owned
enterprises (SOEs) and state investment funds such as the Uzbekistan Fund for
Reconstruction and Development (UFRD) could play a significant strategic
leadership role in the climate change arena, given the size of assets and access to
finance. Uzbekistan’s SOEs dominate the energy, industry, agriculture, and
transportation sectors. The MEF could set up a green strategy at the level of
individual SOFIs or SOEs, including investment targets and ensuring disclosure of
green portfolios and their outcomes. They could get the wheels moving, eventually
transferring the responsibility and commitment to the private sector. They can also
help coordinate and synergize efforts, incentives and capital across many
participants in the green economy. Eventually, Green SOFIs and SOEs should have
a multiplier effect, enabling green supply chains that are both agile and
environmentally efficient. Entities such as the Entrepreneurship Development
Company (EDC), Biznesni rivojlantirish banki JSC (Business Development Bank,
BDB), and Uzbekistan Mortgage Refinancing Company (UzMRC) have already
established themselves as green investment champions and can lead the way. SOEs
in traditionally polluting sectors such as Uzkimyosanoat, a dominant player in the
Uzbekistan chemical industry, and Issiqlik elektr stansiyalari, which operates aging
fossil fuel power plants, could set examples for other industrial companies. On the
financing side, the Uzbekistan Direct Investment Fund (UzDIF), the Uzbekistan
Fund for Reconstruction and Development (UFRD) and the State Asset
Management Agency (SAMA) could pave the way.

References:
1. Helen Petraschuk, 2024. Top 6 Trends that shaped Sustainable Finance in
2025. 4ire Company document.
2. Abdullaev, U. 2020. “State-Owned Enterprises in Uzbekistan: Taking
Stock and Some Reform Priorities.” ADB (Asia Development Bank) Institute
Working Paper Series. ADBI, Tokyo. https://www.adb.org/publications/ state-
owned-enterprises-uzbekistan-taking-stock-reform-priorities.
3. Dalhuijsen, E., E. Gutierrez, T. Kliatskova, R. Mok, and M. G. J.
Regelink. 2023. “Greening National Development Financial Institutions: Trends,
Lessons Learned, and Ways Forward.” International Development in Focus.
Washington, DC: World Bank. doi:10.1596/978-1-4648-2031-1.
4. European Union. 2020. Regulation (EU) 2020/1818 of 17 July 2020
supplementing Regulation (EU) 2016/1011 of the European Parliament and of the

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