As UT was informed by "Uzkhimprom" state joint stock company, a Presidential Decree defined a percent ratio of additional income from the realization of certified reduced waste in the world market allocated after the deduction of project total costs in the proportion of 80% for the Uzbek side and 20% for the Japanese company.

In accordance with the document, the Ministry of Economy of Uzbekistan has been designated as the national body within the CDM, which will be authorized to allocate the emissions of reduced greenhouse gases among the CDM project investors. "

In late 2006 Mitsubishi and "Uzkhimprom" signed an agreement on a joint development of the project to reduce the emissions of nitrous oxide (N2O) with a successive utilization of the certified reduced waste in countries that are signatory to the Kyoto protocol.

In accordance with the feasibility study of the project, the Japanese company will fulfill the supply of Uzbek chemical plants with technology and know-how for the elimination of greenhouse gases, which will make it possible to slash the waste by 80% of the existing level. The implementation of the projects is expected to last till 2008.

The projects will be financed by the funds attracted by the Japanese company without the guarantees of the Uzbek government.

According to experts, participation in the implementation of CDM technological projects in Uzbekistan with the assistance of developed countries will help open a new channel of investment of international financial organizations.

Today, Uzbekistan can offer projects in the fields of oil and gas, chemical and energy industries for realization within the CDM. Preliminary results show that each of this branches has a huge potential to reduce emissions.

The project financing may be carried out through both grants and "soft" loans whereby part of the project costs will be covered by the sales of reduced amounts of greenhouse gases.

As "a developing country" in terms of the protocol, Uzbekistan does not have quantity goals to reduce greenhouse emissions in the first period of obligations (2008-2012), however the Republic is entitled to participate in the global carbon market within the framework of CDM. The Kyoto protocol offers an opportunity to acquire additional financing for energy saving projects. This is good stimulus for enterprises to go for significant expenditures connected with these enterprises. Uzbekistan has a huge potential for energy saving: each reduction of wastes is accompanied by a reduction of energy saving in an enterprise.