The government of Uzbekistan and the World Bank have signed a deal to allocate $46.25m for financing a new initiative which aims to support the country’s clean energy transition, energy efficiency and energy subsidy reforms.
Funded by the World Bank’s Transformative Carbon Asset Facility (TCAF), the Innovative Carbon Resource Application for Energy Transition Project (iCRAFT) represents the Bank’s first global initiative to support policy reforms through payments for emission reductions.
As one of the world’s most energy and emissions-intensive countries in the world, Uzbekistan’s high subsidies keep electricity and natural gas prices low resulting in low revenue generation that is insufficient for recovering its costs of production and delivery.
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