GREEN FINANCE IN UZBEKISTAN: ADVANCING SUSTAINABLE DEVELOPMENT THROUGH INNOVATIVE STRATEGIES

Abstract

This article examines Uzbekistan's strategic transition toward green finance as a critical component of
its sustainable development agenda, drawing parallels with Sweden’s advanced green finance policies. Uzbekistan's
commitment to reducing greenhouse gas emissions and fostering environmentally friendly practices is evident through
the issuance of thematic bonds, including green and sustainability-linked bonds. These initiatives reflect the country's
dedication to mobilizing both domestic and international private capital to meet substantial investment needs, estimated
at USD 6 billion annually. The government's alignment with the Sustainable Development Goals (SDGs) emphasizes its
focus on poverty reduction, education, and environmental protection.
Furthermore, the article discusses the incorporation of emerging global best practices, particularly from Sweden, into
Uzbekistan's domestic green taxonomy to facilitate standardized project evaluation and selection. The rise of green
fintech startups in both countries exemplifies innovative solutions that aid businesses in transitioning toward sustainability.
Despite the challenges posed by climate change, such as rising temperatures and environmental degradation, Uzbekistan
remains poised to enhance its green finance framework. By leveraging innovative financial instruments and fostering
collaboration between various stakeholders, Uzbekistan aims to establish itself as a leader in green finance within Central
Asia, ensuring a resilient and sustainable future for its economy and ecosystems