GREEN FINANCE AND SUSTAINABLE DEVELOPMENT IN UZBEKISTAN: THE ROLE OF ESG AND GREEN BONDS IN EMERGING MARKETS
DOI:
https://doi.org/10.56292/SJFSU/vol31_iss6/a50Keywords:
green finance, Uzbekistan, ESG, green bonds, sustainable development, emerging markets.Abstract
This article analyzes the role of green finance in Uzbekistan’s sustainable development process, as well as the implementation of ESG (environmental, social, and governance) principles and the formation of the green bond market. The study compares the country's regulatory framework, institutional readiness, and market opportunities with international practices. The results indicate that Uzbekistan has the potential to become a regional leader in implementing green finance instruments; however, it must address several systemic challenges, including improvements in the legal framework, institutional capacity, and investor awareness.
References
1. Asian Development Bank (2023). Uzbekistan: Country Partnership Strategy (2022–2026).
2. Climate Bonds Initiative (2023). Green Bond Market Summary Q4 2023.
3. Global Sustainable Investment Alliance (2023). Global Sustainable Investment Review 2022.
4. International Finance Corporation (2022). ESG Integration in Emerging Markets: Key Lessons.
5. Kazakhstan Green Finance Centre (2021). Annual Report on Green Finance in Central Asia.
6. OECD (2024). Green Finance and Investment in Central Asia.
7. Republic of Uzbekistan (2023). Strategy “Uzbekistan–2030”.
8. Republic of Uzbekistan (2019). Concept for the Transition to a Green Economy (2019–2030).
9. UNEP FI (2022). Rethinking Impact to Finance the SDGs.
10. World Bank (2023). Uzbekistan Country Climate and Development Report (CCDR).
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