• KGS/USD = 0.01149 0%
  • KZT/USD = 0.00191 0%
  • TJS/USD = 0.09174 0.33%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
  • KGS/USD = 0.01149 0%
  • KZT/USD = 0.00191 0%
  • TJS/USD = 0.09174 0.33%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
  • KGS/USD = 0.01149 0%
  • KZT/USD = 0.00191 0%
  • TJS/USD = 0.09174 0.33%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
  • KGS/USD = 0.01149 0%
  • KZT/USD = 0.00191 0%
  • TJS/USD = 0.09174 0.33%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
  • KGS/USD = 0.01149 0%
  • KZT/USD = 0.00191 0%
  • TJS/USD = 0.09174 0.33%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
  • KGS/USD = 0.01149 0%
  • KZT/USD = 0.00191 0%
  • TJS/USD = 0.09174 0.33%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
  • KGS/USD = 0.01149 0%
  • KZT/USD = 0.00191 0%
  • TJS/USD = 0.09174 0.33%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
  • KGS/USD = 0.01149 0%
  • KZT/USD = 0.00191 0%
  • TJS/USD = 0.09174 0.33%
  • UZS/USD = 0.00008 0%
  • TMT/USD = 0.28615 0%
29 December 2024

Viewing results 31 - 36 of 293

Climate Crisis in Central Asia: Kyrgyz Geologist Spells Out Threat of Disappearing Glaciers

Kyrgyzstan's President Sadyr Japarov has warned at the COP29 climate summit in Baku that Kyrgyzstan’s glaciers have shrunk by 16% over the past 70 years, a trend that could accelerate if immediate action is not taken. Glaciers are a crucial source of drinking water for Kyrgyzstan and the broader Central Asian region. Japarov emphasized that the continued reduction in glacier size will lead to water scarcity and bring severe social, economic, and environmental consequences. “Our region is among the most vulnerable to global warming. By 2100, we may lose more than half of all glaciers,” he said, stressing the need for regional cooperation on green projects to mitigate the impacts of climate change. Kyrgyz glaciologists at the Institute of Geology have been monitoring the region’s glaciers since the early 1940s. Senior researcher Ilya Mezgin explained the alarming rate of glacier loss. “If you look at maps from 1943, two-kilometer glaciers were visible on the Chatkal Ridge in western Kyrgyzstan. Today, they’ve disappeared entirely from satellite images,” Mezgin told The Times of Central Asia. The melting has worsened over time. In 1985, Kyrgyzstan had 8,200 glaciers. That number has since dropped to just 6,500. Glaciers at lower altitudes are melting the fastest, while larger glaciers are expected to last until 2100. Mezgin noted that western glaciers in the Talas region are particularly at risk of disappearing. The mountains of the Tian Shan are composed in the main of crystalline and sedimentary rocks of the Paleozoic Era (i.e., about 540–250 million years ago). growth of the Tian Shan continued until 250 million years ago, when a large continental plate, known as Tarim, collided with Asia. The State Agency for Geology of Kyrgyzstan has suggested that glaciers can both retreat and regrow over time. However, the current trend is one of significant retreat.

Saudi Arabia to Build Electricity Storage Systems in Uzbekistan

Saudi company ACWA Power has signed an agreement with Uzbekistan to construct electricity storage systems with a total capacity of 2,000 MWh. The agreement was formalized during the COP-29 climate conference in Baku, Azerbaijan. Under the agreement, ACWA Power will collaborate with Uzbekistan’s Ministry of Energy to develop energy storage systems across the country. The implementation will be based on a comprehensive analysis of the national grid’s condition. The project will begin with feasibility studies to determine the most suitable regions for phased deployment. The initiative is estimated to cost $1.1 billion and is expected to create over 1,000 jobs during its lifetime. Uzbekistan has ambitious plans to expand its energy storage capacity to 4.2 GW by 2030. The first energy storage system in the country is slated for launch in early 2025 in the Fergana region. Deputy Energy Minister Umid Mamadaminov recently noted that Uzbekistan needs to build 10 GW of backup capacity by 2030 to support the integration of renewable energy sources. He emphasized that the country’s minimum reserve should equal 50% of its solar and wind power capacity.

Scientists Investigate Deaths of 1,000 Caspian Sea Seals

More than 1,000 seal carcasses have washed ashore along a stretch of the Caspian Sea coast in the last month, according to the Kazakh government. The mass death of seals in the area has previously been reported, and similar events have occurred over the years. But new data from the Ministry of Agriculture reveals the large scale of the latest losses as scientists study tissue samples taken from the carcasses to find out why the seals died. “The Fisheries Committee suggests that natural phenomena, including natural gas emissions caused by underwater earthquakes, might be the reason behind the deaths,” the ministry said on Thursday. “Final conclusions regarding the causes of the seal deaths will be determined after laboratory tests are completed, which, according to scientific organizations, will take 3–4 months.” Fisheries officials discovered 1,034 seal carcasses along the coast in the Tupkaragan district of the Mangystau region of western Kazakhstan between Oct. 24 and Nov. 13, according to the ministry. So far, tests of tissue samples are negative for a number of infectious diseases. Kazakh officials attributed the deaths of nearly 200 seals in late 2022 to pneumonia, while noting that environmental pollution in the Caspian Sea had made their immunity systems more vulnerable to infectious diseases. Concerns about the impact of oil extraction, industrial waste and other environmental damage on the sea’s ecoystem are increasing. Scientists have recorded mass deaths of seals in the Caspian Sea for more than two decades. In 2000, the deaths of about 10,000 seals was attributed to chronic toxicosis.

Fueling Growth: IFC Strategic Initiatives for Sustainable Development in Central Asia – An Interview With Hela Cheikhrouhou

With its headquarters in Washington, D.C. the International Finance Corporation (IFC) was established in 1956 as the private-sector arm of the World Bank. The institution offers advisory, and asset-management services to promote investment in developing countries. Recent ventures in Central Asia include solar power projects in Uzbekistan and Kyrgyzstan, and an entrepreneurship scheme for women and young people in Tajikistan. TCA spoke with Hela Cheikhrouhou, IFC Vice President for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan about the IFC’s work in Central Asia.   TCA: Can you please give us an overview of IFC's performance in Central Asia for fiscal year 2024 (July 1, 2023, to June 30, 2024)? IFC had a pivotal year in Central Asia, making strides in sustainable development and inclusive growth across the region. Our efforts concentrated on climate finance, infrastructure, agriculture, and supporting smaller businesses. By coupling investments with advisory support, we helped expand the role of the private sector, creating jobs, promoting financial inclusion, strengthening infrastructure, and supporting the region's green transition. In the fiscal year 2024, IFC committed over $1 billion to Central Asia. This includes about $400 million in long-term financing from our own account, $600 million in mobilization, and $35 million in short-term trade and supply-chain finance to facilitate trade flows. Alongside these financial commitments, we engaged in advisory projects focused on improving financial inclusion, developing innovative public-private partnerships (PPPs), and advancing climate initiatives and gender equality. Our results this year underscore our commitment to fostering sustainable, inclusive growth, and enhancing the resilience and sustainability of Central Asian economies.    TCA: Can you highlight some of the IFC’s key achievements in Central Asia this year? In addition to the strong financial commitments mentioned earlier, IFC expanded its presence in various sectors, including finance, capital markets, renewable energy, agriculture, and infrastructure. Through our advisory services, we helped structure impactful PPPs at the sectoral level. A major focus this year has been strengthening local financial markets. IFC invested $228 million across ten financial institutions in Kazakhstan, the Kyrgyz Republic, Tajikistan, and Uzbekistan. Up to half this amount was dedicated to supporting women entrepreneurs and rural enterprises. We also helped these financial institutions expand portfolios related to their micro, small, and medium enterprise (MSME) businesses, advance climate finance, foster digital transformation, and issue the region’s first sustainability, social, and green bonds. Supporting MSMEs has enabled entrepreneurs to grow their businesses and generate employment. In the past fiscal year alone, IFC-supported projects created around 35,000 direct jobs, including opportunities for over 13,000 women across the region. These efforts have been further bolstered by targeted investments and projects in individual countries across the region. In Uzbekistan, IFC, together with the World Bank, financed a new solar plant equipped with the country’s first battery energy storage system. Once completed, the plant is expected to provide electricity access to around 75,000 households in the Bukhara region. As part of its broader support for the Uzbek government’s efforts to reform its chemical sector, IFC assisted the State Asset Management Agency in privatizing Ferganaazot,...

Bishkek Secures Multi-Million Dollar Grants at COP29 Conference in Baku

Boobek Azhikeev, the head of Kyrgyzstan’s Ministry of Emergency Situations, held several meetings with representatives of international institutions during the COP29 conference in Baku. Protocols and memorandums were signed, and a joint action plan for 2025-27 was developed. “I would like to highlight our meeting with the regional director of the Green Climate Fund, where we discussed a $25 million grant,” stated Kyrgyz EMERCOM spokeswoman Elnura Muktarova. “These funds are intended to support Kyrgyzstan’s Hydrometeorological and Forestry Services, as well as the Training and Research Center of the Ministry of Emergency Situations. We anticipate beginning these projects next year.” Azhikeev also negotiated with FETNet, a Finnish company that will provide advanced training for the Hydrometeorological Service. FETNet has offered to train Kyrgyz specialists in Finland and will present cutting-edge technologies to improve the accuracy and timeliness of weather forecasts. In addition, the Ministry of Emergency Situations announced that it had reached an agreement with the Asian Development Bank (ADB) to secure $60 million for strengthening the banks of the Kara-Darya, Chu, and Yassy rivers. This funding aims to reduce flood risks and enhance the ecological situation in the region. Of the total, 40% will be provided as a grant, while the remainder will be offered as a loan. During a meeting with representatives from the Financial Service under the Government of South Korea, discussions centered on financing Kyrgyzstan’s Forest Service. The South Korean representatives pledged support in the form of laboratory equipment, high-quality seeds, and digital mapping tools to combat pasture degradation and enhance forestry management. Kyrgyz Ministry of Emergency Situations officials also met with Turkish EMERCOM representatives and the Turkish Cooperation and Coordination Agency (TIKA) to discuss joint efforts in responding to emergency situations.

ADB Launches ‘Glaciers to Farms’ Initiative to Combat Climate Change in Central Asia

The Asian Development Bank (ADB) has unveiled a new regional initiative, Glaciers to Farms, aimed at promoting sustainable water management and food security in Central Asia, the South Caucasus, and Pakistan. The program addresses the severe effects of accelerated glacial melt caused by climate change. Backed by the Green Climate Fund (GCF), ADB will conduct risk assessments of glacial melt in Azerbaijan, Kyrgyzstan, Tajikistan, and Uzbekistan to establish a scientific and technical foundation for the program. Regional Cooperation for Glacier Preservation On November 14 in Baku, Azerbaijan, a declaration of support for glacier preservation was signed by several regional leaders: Azerbaijan’s Minister of Ecology and Natural Resources Mukhtar Babayev, Kazakhstan’s Minister of Ecology and Natural Resources Yerlan Nyssanbayev, Kyrgyzstan’s Minister of Natural Resources, Ecology and Technical Supervision Meder Mashiev, Tajikistan’s Committee on Environmental Protection Chairman Bahodur Sheralizoda, and Uzbekistan’s Minister of Ecology, Environmental Protection, and Climate Change Aziz Abdukhakimov. They were joined by ADB President Masatsugu Asakawa and GCF Chief Investment Officer Henry Gonzalez. “As melting glaciers change water flows, disrupt lives, and destroy ecosystems, we must act now,” said Asakawa. “As Asia and the Pacific’s climate bank, we are pleased to be joined by key partners to launch this program to drive international collaboration and deliver results where they matter most—on the ground, in communities at risk.” The Urgent Need for Action Temperatures in the region are expected to rise by up to 6 degrees Celsius by 2100. The resulting loss of glacial mass poses a dire threat to ecosystems, jeopardizing water supplies for agriculture and hydropower and endangering the livelihoods of over 380 million people. The Glaciers to Farms program aims to mobilize up to $3.5 billion in funding from ADB, GCF, governments, development partners, and the private sector. Beyond investments in water and agriculture, the program will prioritize vulnerable communities in fragile mountain regions that are most threatened by glacial melt. Global and Regional Efforts The United Nations General Assembly has declared 2025 the International Year of Glacier Preservation, with Tajikistan set to host the International Conference on Glaciers’ Preservation in Dushanbe next year. At a high-level event in Baku on November 12, Tajikistan's President Emomali Rahmon underscored the importance of preventing further glacier melt and preserving fragile ecosystems. Rahmon highlighted the establishment of the International Trust Fund for the Preservation of Glaciers under the United Nations’ auspices and noted the UN’s recent adoption of a resolution—initiated by Tajikistan and France—declaring 2025-2034 the Decade of Action for Cryospheric Sciences. This resolution calls for enhanced efforts to safeguard glaciers globally. Rahmon also proposed creating a Regional Coordination Center for Glaciology in Dushanbe under the World Meteorological Organization’s guidance. The center would study the impact of climate change on glaciers in collaboration with development partners.