He emphasized that the government has set a target to generate 40 percent of the country’s energy from renewable sources by 2030, up from 13 percent in 2022. However, given the pace of economic growth and increasing energy consumption, achieving this ambitious goal is seen as a major challenge.
William Tompson added that Uzbekistan has also focused on developing green finance solutions, including green bonds. By the end of 2023, the country had reduced its greenhouse gas emissions per unit of output by approximately 14 percent.
"Uzbekistan is one of the three focus countries under the OECD's Sustainable Infrastructure Programme in Asia (SIPA). The program has been working closely with the country to assess its policy framework for adopting low-carbon technologies. In particular, the country is using renewable hydrogen as a pilot project while also formulating recommendations to attract greener investments that foster low-carbon infrastructure development," the OECD representative said.
According to him, the OECD's assessment of Uzbekistan’s policies and its recommendations will be integrated into the upcoming Investment Policy Review of Uzbekistan. The organization has also prepared a comprehensive policy report on the development of capital markets and green bonds in the country, which is another significant aspect of Uzbekistan’s green transition. Additionally, the SIPA program has delivered a series of reviews and analytical outputs on the strategic planning of low-carbon infrastructure in Uzbekistan. These include studies on sustainable urban public transport infrastructure and the use of the Sustainable Asset Valuation Instrument (SAVi) to assess social and environmental valuation criteria for infrastructure projects.
"The country is focused on transitioning to a low-emission, climate-resilient development model that aligns with the Sustainable Development Goals and the Paris Agreement on Climate Change. Uzbekistan's strategic documents, including the New Uzbekistan Development Strategy 2022-2026 and the Strategy for the Transition to a Green Economy 2019-2030, emphasize this transition as a critical element of national development,” William Tompson noted.
William Tompson also noted that the OECD has been working closely with Uzbekistan on enhancing trade and transport connectivity since 2017. This collaboration has spanned various areas, from transport infrastructure to trade facilitation and border procedures. Uzbekistan has made significant progress in trade facilitation, with improvements such as the establishment of a single window for exporters, reduced tariffs, and streamlined trade documentation.
“Uzbekistan has made the greatest relative progress in Central Asia over the last five years, particularly in border procedures and trade facilitation, although it still lags behind in some areas. The country’s progress is impressive, especially regarding appeal procedures, private sector consultations, and streamlining processes, but there is still much work to be done in terms of automating procedures and enhancing inter-agency border cooperation,” he underlined.
Looking ahead, he emphasized that the OECD’s engagement with Uzbekistan is expected to deepen. In November 2024, the OECD published its Public Governance Review of Uzbekistan, and the organization is nearing completion of a Roadmap for Sustainable Investment Policy Reforms. The work on trade and transport connectivity is entering a new phase, and efforts to combat corruption are ongoing.
“Progress in these areas will help make Uzbekistan an even more attractive destination for foreign investment,” William Tompson concluded.
