Category Archives: Uzbekistan

Timur Tillyaev makes ESG the focus of his business practices

Timur Tillyaev makes ESG the focus of his business practices

As a businessman who has found success in the competitive world of international transport, Timur Tillyaev knows what a winning business model looks like. In his business practices, Timur has made sustainability and ESG a priority. Through the model of ESG, Timur takes into account the Environmental, Social and Governance aspects of any commercial activity before embarking upon it. Timur believes ESG is a key component of any successful venture. He says:

“Companies are now increasingly expected to disclose their carbon footprints, set bold greenhouse gas reduction targets and report on how climate-related risks, such as potential loss of revenue from extreme weather events, can undermine future prosperity.”

Sustainable investment is not a fringe world view anymore. There is widespread concern about the growing negative impact of climate change on our world. According to The World Bank, a growing number of studies are showing that it could be disastrous for the bottom lines of companies around the world if global temperatures jump four degrees by 210.”

Climate change is causing diverse and far-reaching negative consequences. For example, in Australia we are witnessing shifting weather patterns which is leading to intense droughts and associated bush fires. This in turn is wreaking havoc on local economies, food production, the mining sector and tourism. The knock-on effects include reduced employment opportunities, loss of income and rising cost of living pressures. Because of this, we are seeing a rise in ESG investments. Timur Tillyaev says, “The rise of ESG is not just a trend, but an essential shift in practices for responding to the climate crisis.”

So, what changes are investors like Timur implementing?

One example of ESG in action is the Abu Saxiy market in Uzbekistan’s capital city Tashkent. When Timur founded the market in 2006, it had 680 abandoned shipping containers converted into stalls. When he sold it in 2017, it had grown into the largest market in Uzbekistan spanning 60 acres and housing 3,000 stalls.

Repurposing shipping containers allowed Timur to avoid the use and transport of construction materials. Consumption of concrete is a major contributor to the global greenhouse gases and a driver of climate change. Recycling shipping containers is a simple and cost-effective means of sustainable business practices, and just one example of the change underway in the business community.

As Timur Tillyaev wrote in his article, Why Sustainable Investing Is Here to Stay, ESG certified projects are attracting a phenomenal level of interest from investors.

“575 investors with more than $54 trillion in assets under management have signed up to the Climate Action 100+ initiative. Investment in sustainable funds reached record highs in 2020 at over $51 billion, more than double the previous record set in 2019.”

Trends like these suggest that investors like Timur Tillyaev are paving the way towards a new mainstream in the business world.

What You Need to Know about the Savitsky Collection

What You Need to Know about the Savitsky Collection

Uzbekistan’s northwestern region is home to one of the country’s most extraordinary museums. The Karakalpakstan State Museum of Art—also called the Nukus Museum, after its home city, or the Savitsky Collection, after its founder—features one of the world’s largest collections of avant-garde Russian art, as well as a wide range of both contemporary and folk… Continue Reading

6 Things You Might Not Know about UNESCO

6 Things You Might Not Know about UNESCO

For more than 70 years, the United Nations Educational, Scientific, and Cultural Organization (UNESCO) has sought to build global peace and intercultural dialogue by advancing the humanist missions of education, science, and culture. And while you’ve probably heard of UNESCO in connection with the list of World Heritage Sites, there is a great deal more… Continue Reading

A Look at the Amazing History of Uzbek Cinema

A Look at the Amazing History of Uzbek Cinema

For Western audiences who are only just starting to discover Uzbek films—a phenomenon due in large part to some high-profile retrospectives that have been appearing at international film festivals and theaters in the last few years—it may come as a surprise to learn that cinema in Uzbekistan is in fact a tradition that stretches back… Continue Reading

These Breathtaking Tentative World Heritage Sites in Uzbekistan Will Blow Your Mind

These Breathtaking Tentative World Heritage Sites in Uzbekistan Will Blow Your Mind

Prior to being declared an official UNESCO World Heritage Site, a cultural landmark or natural wonder must first be placed on what is known as the “tentative list.” This list serves as a sort of nomination process that allows countries to provide UNESCO with information on sites and properties that they feel are deserving of… Continue Reading

What You Need to Know about Rishtan’s Famous Ceramics

What You Need to Know about Rishtan’s Famous Ceramics

As one of Uzbekistan’s oldest forms of applied decorative arts, ceramics hold a special place in Uzbek cultural heritage. And while beautiful ceramic pieces have been made for centuries by artists all over the country, the vibrant heart of ceramics production in Uzbekistan is undoubtedly Rishtan, a historic small town in the Ferghana Valley not… Continue Reading

Spotlight on the Silk Road in the 21st Century

Spotlight on the Silk Road in the 21st Century

Considered by many scholars to be the first-ever global superhighway, the legendary network of ancient trading routes known as the Silk Road played an instrumental role in shaping our modern world. Connecting the Far East to Mediterranean Europe and encompassing a diverse array of regions in between (including present-day Uzbekistan), the Silk Road not only… Continue Reading

7 of the Best Examples of Uzbekistan’s Intangible Cultural Heritage

7 of the Best Examples of Uzbekistan’s Intangible Cultural Heritage

Through the Convention for the Safeguarding of Intangible Cultural Heritage, adopted in 2003, UNESCO works to preserve and protect those aspects of cultural heritage that go beyond concrete objects that we can see and touch. According to UNESCO’s definition, Intangible Cultural Heritage (ICH) comprises a vast and vibrant body of traditions, knowledge, and living expressions… Continue Reading

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