Turkmenistan has joined a regional initiative of the Asian Development Bank that will establish and manage a Natural Materials Market Development Platform aimed at attracting private investment in nature-based solutions to reduce carbon emissions.

According to the ADB, the initiative will be supported by a $1.5 million grant from the bank’s Technical Assistance Special Fund.

The project will bring together more than 40 countries, including Azerbaijan, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Uzbekistan and Turkmenistan. Participation in the platform is expected to foster cooperation in the use of natural materials and the implementation of climate-oriented solutions.

The platform will focus on unlocking the potential of natural materials derived from fast-growing plants and renewable biological resources.

The bank said the technical assistance will include ecosystem assessments, pilot projects and the development of a scalable partnership model. This is expected to help attract venture capital and accelerate the development of the natural materials industry in the region by improving market readiness and increasing private investment in green solutions.