Uzbekistan and ACWA Power Sign Carbon Markets Memorandum at COP31
Uzbekistan
Uzbekistan and ACWA Power have signed a memorandum of understanding on carbon market cooperation on the sidelines of the 31st UN Climate Change Conference (COP31) in Antalya, Türkiye. The document provides for exploring the company’s projects’ potential participation in international mechanisms for emissions reduction and carbon trading.
The memorandum was signed by Aziz Abdukhakimov, Adviser to the President of Uzbekistan and Chairman of the National Committee on Ecology and Climate Change, and Mohammad Abdullah Abunayyan, Founder and Chairman of the Board of ACWA Power. It aims to advance cooperation on mechanisms under the Paris Agreement, develop carbon markets and support sustainable development goals.
The parties intend to assess opportunities for ACWA Power projects in Uzbekistan to participate in international carbon market mechanisms. These include the Bash, Dzhankeldy and Karatau wind power projects as well as the Kungrad project, which includes a battery energy storage system. The sides will examine the projects’ compliance with the Paris Agreement criteria, approval and registration procedures, and the potential to generate, transfer and use carbon credits and emissions-reduction outcomes.
The memorandum also provides for technical and regulatory cooperation, the exchange of expertise on carbon markets, improvements to monitoring, reporting and verification systems, and institutional capacity-building. Another area of cooperation is strengthening the climate resilience of renewable energy facilities and energy infrastructure.
In particular, the parties plan to exchange information on climate risk assessments for wind farms and energy storage systems. The work will consider the effects of extreme temperatures, dust and sand storms, as well as the use of climate information and early warning systems.
The memorandum broadens the dialogue between Uzbekistan and ACWA Power on international climate cooperation. It is intended to explore the country’s opportunities in carbon markets and harness renewable energy potential to advance national climate goals too.
The parties intend to assess opportunities for ACWA Power projects in Uzbekistan to participate in international carbon market mechanisms. These include the Bash, Dzhankeldy and Karatau wind power projects as well as the Kungrad project, which includes a battery energy storage system. The sides will examine the projects’ compliance with the Paris Agreement criteria, approval and registration procedures, and the potential to generate, transfer and use carbon credits and emissions-reduction outcomes.
The memorandum also provides for technical and regulatory cooperation, the exchange of expertise on carbon markets, improvements to monitoring, reporting and verification systems, and institutional capacity-building. Another area of cooperation is strengthening the climate resilience of renewable energy facilities and energy infrastructure.
In particular, the parties plan to exchange information on climate risk assessments for wind farms and energy storage systems. The work will consider the effects of extreme temperatures, dust and sand storms, as well as the use of climate information and early warning systems.
The memorandum broadens the dialogue between Uzbekistan and ACWA Power on international climate cooperation. It is intended to explore the country’s opportunities in carbon markets and harness renewable energy potential to advance national climate goals too.
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