• Boosting Sustainable Finance: UN agencies support Tajikistan in launching a green bond market to mobilize funds for climate goals.
• Training for Transformation: A new training initiative aims to enhance the capacity of future bond issuers and stakeholders in Tajikistan.
• Collaborative Efforts: Partnerships focus on building a favorable environment for green, social, and sustainable bonds in Tajikistan.

The United Nations is collaborating with the Government of Tajikistan to develop a green bond market, aiming to enhance sustainable finance in the country. The UN Economic and Social Commission for Asia and the Pacific (ESCAP), the UN Resident Coordinator Office (RCO), and the Agency for Securities Market Development and Special Registration of Tajikistan have joined forces with the Luxembourg Green Exchange to provide specialized training on thematic bond issuance.

Green, social, sustainability, and sustainability-linked (GSS+) bonds are vital for countries to secure financing for their climate goals. Tajikistan has identified climate mitigation and adaptation as top priorities in its Green Economy Strategy for 2023-2037. Thematic bonds could help fill the financial gap, which is estimated to require roughly 7% of Tajikistan’s GDP.

Majidi Yusuf Khairullo, First Deputy Minister of Finance of Tajikistan, emphasized the importance of the training, saying, “The training allows participants to navigate the thematic bond issuance process, identify which tools are best suited to their needs, review best practices in terms of taxonomy, principles, external review, and reporting, and examine practical aspects, examples, and regional case studies.”

Hamza Malik, Director of Macroeconomic Policy and Financing for Development at ESCAP, highlighted the collaboration’s impact, stating, “Through our partnership with the Agency for Securities Market Development and Special Registration of Tajikistan, UN RCO and Luxembourg Green Exchange, we are earnestly working with the Government of Tajikistan to accelerate financing towards climate adaptation and mitigation initiatives in the country.” He added, “The Green Bond Issuance training serves as a critical resource to raise awareness about how innovative financing instruments, particularly Green Bonds, can be leveraged to effectively pursue the Sustainable Development Goals and NDC ambitions.”

The training also addressed barriers faced by issuers of thematic bonds, such as limited awareness, capacities, and higher issuance costs. Parvathy Ramaswami, UN Resident Coordinator, noted the necessity of clear guidelines and a regulatory framework to support green finance, emphasizing the need for capacity-building among stakeholders.

Nigina Abdurakhmonzoda, Director of the Agency for Securities Market Development and Special Registration of the Ministry of Finance of Tajikistan, encouraged further collaboration, stating, “In 2024, Tajikistan has been taking steps to establish a green bond market, with focus on the development of its corporate segment. Through our valuable partnership with the UN, we are committed to continue exploring opportunities to mobilize public and private finance towards climate action, including through the issuance of green bonds. I strongly encourage partners to join us in these efforts to boost sustainable finance in Tajikistan in the pursuit of a greener economy.”

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ESCAP, UN RCO, and the Government of Tajikistan remain committed to fostering sustainable finance and building resilience in Tajikistan, working together and with partners to unlock new opportunities for a greener future.