Shorouk Express 
BISHKEK, Kyrgyzstan, June 18. The Ministry of
Natural Resources, Ecology, and Technical Supervision of
Kyrgyzstan, in cooperation with the United Nations Development
Programme (UNDP), has launched a new project aimed at strengthening
the capacity of national financial institutions to access and
effectively utilize green and climate finance, Trend reports via the
UNDP.
The initiative aligns with the country’s National Development
Program through 2040 and its commitments under the Paris Agreement,
which are outlined in the Nationally Determined Contributions
(NDCs) targeting a 43.62 percent reduction in greenhouse gas
emissions by 2030.
“The launch of the project marks the transition from planning to
practical implementation. Our goal is to ensure that national
institutions can independently manage, verify, and scale up green
and climate finance in line with Kyrgyzstan’s development
objectives,” said Asel Raimkulova, Deputy Minister of Natural
Resources, Ecology and Technical Supervision.
The project, supported by the Green Climate Fund (GCF), aims to
address key institutional and regulatory barriers in the financial
sector. It will establish the foundations for a national green
finance verification and validation system and deliver targeted
capacity-building programs for commercial banks and public
institutions.
In parallel, proposals will be developed to introduce regulatory
incentives and risk mitigation mechanisms to boost green lending.
The initiative will also support the practical implementation of
the recently adopted Green Taxonomy, including the development of
methodological guidelines for regulators, tax and customs services,
and financial sector participants.
To attract additional climate finance from the GCF and other
sources, UNDP will assist national partners in preparing and
submitting economically sound project proposals.
“Financial institutions play a key role in translating climate
goals into real investment projects. This project provides the
tools and skills necessary to implement the Green Taxonomy, expand
green lending, and improve access to international climate
finance,” said Alexandra Solovieva, UNDP Resident Representative in
Kyrgyzstan.
The initiative is strategically formulated to bolster pivotal
national entities, encompassing the Ministry of Economy and
Commerce, the National Bank, the Climate Finance Center, the State
Development Bank, the Banking Association, alongside various public
and private sector stakeholders. Designated financial institutions
will be allocated specialized support services.
The initiative strategically addresses pre-existing constraints,
including the deficiency of explicit regulatory frameworks,
constrained institutional capability for monitoring eco-friendly
investments, the nonexistence of motivational structures for
financial institutions, and suboptimal interaction with global
financing paradigms.
Oversight will be orchestrated by the Ministry of Natural Resources
in conjunction with the Climate Finance Center to guarantee
national stewardship, technical coherence, and seamless integration
with Kyrgyzstan’s overarching green economy transition
frameworks.
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