GREEN BONDS IN UZBEKISTAN: OPPORTUNITIES, INSTITUTIONAL DEVELOPMENT AND BARRIERS TO SUSTAINABLE FINANCE
DOI:
https://doi.org/10.5281/zenodo.22741902Abstract
Uzbekistan is modernising its economic and financial systems while expanding investment in
sustainable infrastructure and accelerating the transition to a green economy. Green bonds are emerging as
an important instrument for attracting private and international capital to finance these objectives. The study
examines the development and prospects of Uzbekistan’s green bond market, with particular attention to
sovereign and corporate issuance, financing needs, institutional conditions, and regulatory factors. A qualitative
research approach is employed, drawing on academic literature, government publications, and reports from
international financial institutions. The findings indicate that Uzbekistan has made notable progress in developing
sustainable finance, particularly following the issuance of a sovereign Sustainable Development Goals bond in
2021 and the country’s first sovereign green Eurobond in 2023. At the same time, further market development
depends on expanding the range of issuers, strengthening institutional capacity, improving transparency,
enhancing environmental impact reporting, and continuing capital market reforms. The findings suggest that
green bonds can contribute both to financing Uzbekistan’s green economy and to the diversification and
development of its capital market
Keywords
green bonds; sustainable finance; Uzbekistan; capital markets; sustainable infrastructure; green economy; green transition.References
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