The consultative meeting held at the Hyatt Regency Tashkent Hotel was devoted to discussing innovative financial mechanisms for involving the private sector in the measures to adapt to climate change.

The event, which was attended by members of the interdepartmental working group, local partners, and experts, focused on the project “National Adaptation Plan aimed at the most vulnerable sectors of the economy and regions to climate change, to promote medium- and long-term planning of adaptation measures and actions in Uzbekistan”.

This project, designed for 2020-2023, is being implemented jointly with UNDP, the Green Climate Fund, and the Center of the Hydrometeorological Service of the Republic of Uzbekistan. It aims to develop recommendations for adapting natural, economic, and social systems to climate change.

According to the UNDP Climate Finance Analyst Nurillo Abdunabiyev, the financial mechanisms proposed by the project team are planned to be adapted to the socio-economic conditions of Karakalpakstan, Khorezm and Bukhara regions.

“The project offers 12 financial mechanisms for five sectors, namely: water management, agriculture, healthcare, housing, and emergencies, and three intersectoral financial mechanisms”, says N. Abdunabiyev. – These financial mechanisms will be improved and presented to the government. Among them are recommendations concerning tax benefits, state subsidies, and support for women and children in areas subject to desertification due to climate change. Mechanisms ensuring gender equality were discussed at the presentation. The positive aspect of the proposed financial mechanisms is that their financial support to the private sector in Karakalpakstan, Khorezm, and Bukhara regions will greatly help farms located in areas subjected to desertification and experiencing water scarcity”.

It should be noted that adaptation to climate change depends not only on public policy but also on the activity of all participants in this process, including public and private sectors and civil society representatives. That is why developing a National Adaptation Plan has started in Uzbekistan. Implementing measures to reduce vulnerability to climate change requires using effective financial mechanisms.

Nasiba Ziyodullayeva, UzA