2. • Support to strengthening environmental revenue and
expenditure accounting
• Country level reviews and support to reform of environmental
tax and charge systems (analytical and legal support)
• Reviews and adjustments of tax expenditures (negatively
impacting the environment and those that can provide incentives
for green behaviour)
• Reviews, legal and operational support to strengthening of
national funding entities (environmental funds, development
banks) including their capacity in appraisal and financing green
projects
Green finance and investment
3. • Greening the banking system and support to the development of green
investment taxonomy
• Analysis of the project preparation capacity
• Reviews and application of approaches to blending public and private
resources
• Financing for greening SMEs (with UNIDO, IFIs and local financial
entities)
• Analyses of ways to leverage private capital for green investment
(green bonds)
Activities are part of EU4Environment:Green Economy and ProGRess
Green finance and investment
4. Greening debt capital markets in Uzbekistan
– Deepening local capital market is a key objective for the Uzbek
government (market capitalisation equal to 5% of GDP by 2023)
– Uzbekistan issued its first international sovereign bonds on the
London Stock Exchange in 2019 and its first SDG Bonds in 2021
• Tranche 1: 10-year tenor with 3.9% annual coupon
• Tranche 2: 3-year tenor with 14% annual coupon
– Given this context, the OECD is launching a new project examining
the state of development of Uzbekistan’s debt capital market and
opportunities for green bond issuance
– Uses methodology developed for seven EECCA countries for similar
analysis
– Part of the Sustainable Infrastructure Programme in Asia (SIPA)