The Ninth Central Asia Regional Economic Cooperation (CAREC) Think Tank Development Forum kicked off on Monday in Urumqi, Xinjiang Uygur autonomous region, highlighting innovative financing to drive the region's green transition.

The event was organized by the CAREC Institute, an intergovernmental international organization dedicated to promoting regional economic cooperation and development through research, capacity building, knowledge sharing, and partnership development. Headquartered in Urumqi, its member countries are Afghanistan, Azerbaijan, China, Georgia, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, and Uzbekistan.

Around 150 domestic and foreign think tank experts, officials, and private sector representatives attended the event, with discussions centered on financing green projects, green banking and sustainable lending, and the role of international donors in climate finance. Participants also shared research achievements and policy solutions based on local case studies.

Charymuhammet Shallyyev, director of the CAREC Institute, noted during his welcoming remarks that CAREC countries are navigating profound climate, energy, and financing challenges while seeking new pathways for sustainable, resilient, and inclusive growth. 

"This forum provided a timely platform to discuss practical solutions — how to design bankable green projects, how to strengthen regional cooperation mechanisms, and how to leverage blended finance, environmental, social, and governance instruments, and innovative models such as public-private partnerships," he said.

Yang Yingming, vice-president (South, Central and West Asia) of the Asian Development Bank, highlighted that meeting climate goals in CAREC countries requires substantial funding and a balanced approach between public and private sectors.

The annual forum is held under the auspices of the CAREC Think Tank Network, a platform of more than 70 think tanks, research institutions, universities, and policy centers across the CAREC region.

This year's forum received support from the Asian Development Bank, the People's Republic of China Poverty Reduction and Regional Cooperation Fund, the Eurasian Fund for Stabilization and Development, and the ADB-PRC Regional Knowledge Sharing Initiative.