For Uzbekistan, the pandemic particularly underscores the conviction that the path to achieving its National Green Economy Strategy objectives is through a planned green recovery. To get on that path, the
Government’s support for businesses and households needs to aim not only to restart the economy, but to
transform it. Initiatives could include direct investments in environmentally friendly solutions in addition to
incentivizing private investments in low-carbon technologies. For the energy sector, this would be a less costly
path than supporting fossil fuel infrastructure (40 percent of which is at the end of its life) that might be
‘
stranded ’ as the cost of renewables continues to drop and as importers of carbon-based energy undertake their
6 own transition. Such spending would also make it possible to meet the country’s Paris climate commitment and
implement its Nationally Determined Contributions (NDC).
Much of what has been proposed as “green” across the various national and sector plans in the way of policy, regulatory and fiscal measures needs implementing. Elsewhere, efforts are still fledgling, and many
needed actions have yet to be agreed. Further integration of sectoral policies is needed in order to harmonize
budgeting, regulations and standards, promote efficiency and synergies as well as ensure implementation at all
levels (suggestions for practical steps and deployment of cross-sectoral integration could be among the priority
tasks of the National Interagency Green Economy Council proposed in the paper and summarized below). Also
critical are additional and stronger incentives for private and state actors to channel financial, technological,
management and human resources to sustain natural resources and reduce pollution and carbon emissions.
Importantly, industry will need to be encouraged to adopt genuine corporate and social responsibility and
environmental, social, governance principles and practices.
Assets that at some 9me prior to the end of their economic life (as assumed at the investment decision point), are no longer able to
6 earn an economic return (i.e. meet the company’s IRR), as a result of changes associated with the transi9on to a low-carbon economy
because of lower than an9cipated demand and/ or prices. (Source:
h#ps://carbontracker.org/terms/stranded-assets/
)
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