News
Uzbekistan Receives $7.5 Million in Carbon Credits for Enabling Half a Million Tons of Emissions Reduction
June 21 2024
Uzbekistan has become the first country in the world receiving a payment from the World Bank for reducing carbon emissions through a policy crediting program. This pioneering project – the Innovative Carbon Resource Application for Energy Transition (iCRAFT) – was crafted to support Uzbekistan in implementing energy efficiency measures, phasing out energy subsidies, and transitioning to cleaner energy sources. The preparation of iCRAFT was supported by an ESMAP grant which included analytical work on energy sector tariffs and subsidies, distributional impact analyses, and communications.