GREEN BONDS: ESSENCE, SIGNIFICANCE AND DEVELOPMENT PROSPECTS IN UZBEKISTAN
DOI:
https://doi.org/10.5281/zenodo.19563041Keywords:
green bonds, sustainable finance, ESG-oriented investment, Uzbekistan’s securities market, environmentally driven economic development, climate-related funding, Capital Markets UnionAbstract
The paper explores green bonds as a relatively new financial mechanism designed to channel investment into
environmentally focused initiatives. It starts with a brief reflection on the conceptual foundations of this instrument, then
turns to international practice, which, in a way, helps to see how these instruments behave outside a purely theoretical
setting. Particular attention is given to the situation in Uzbekistan, where the market is still taking shape. The discussion
touches upon current developments as well as possible directions for its further evolution. Using available statistical
evidence, the study compares market volumes, key elements of the regulatory framework, and the sectoral distribution
of bond issuances. Overall, the findings suggest that green bonds could become an important source of funding for
supporting the shift of the national economy toward a more sustainable development path, although this transition is
unlikely to be immediate and will probably unfold step by step
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