STUDY OF THE ECONOMIC EFFICIENCY OF GREEN BONDS, ECOLOGICAL LOANS, AND GREEN INVESTMENT FUNDS, AS WELL AS THEIR IMPORTANCE IN THE FINANCIAL SYSTEM
DOI:
https://doi.org/10.5281/zenodo.17951892Ключевые слова:
Green bonds, green loans, green investment funds, economic efficiency, sustainable finance, financial system, ESG performance, emissions reduction, green innovationАннотация
This study investigates the economic efficiency of green bonds, green loans, and green investment funds,
along with their pivotal role in the financial system. Drawing from recent empirical evidence, green bonds lower financing
costs by offering reduced coupon rates and shorter capital occupation periods compared to conventional bonds, while
enhancing ESG performance, though their direct impact on emissions reduction can vary based on issuer practices.
Green loans improve firm operational performance, with post-loan increases in operating income relative to assets by
1,1%–1,2% and reductions in CO2 emissions per revenue. Green investment funds drive green innovation by increasing
patent applications in sustainable technologies and strengthening governance in firms with weaker structures. Collectively,
these instruments channel financial flows towards sustainable projects, supporting economic growth, job creation, and
the transition to a low-carbon economy, with the green finance market projected to expand significantly.
Библиографические ссылки
1. Resolution of the President of the Republic of Uzbekistan No. RP-4477. (2019). On the approval of the Strategy for
the Transition of the Republic of Uzbekistan to the «Green» Economy for 2019 -2030. https://lex.uz/en/docs/7582760
2. Decree of the President of the Republic of Uzbekistan No. DP-16. (2025). On the state program for the implementation
of the strategy «Uzbekistan — 2030» in the «year of environmental protection and green economy». https://lex.uz/en/
docs/7375421
3. Resolution of the President of the Republic of Uzbekistan No. RP-213. (2024). On measures for the introduction of a
national green taxonomy in the Republic of Uzbekistan. https://lex.uz/en/docs/7572123
4. Resolution of the President of the Republic of Uzbekistan No. RP-436. (2022). On measures to improve the
effectiveness of reforms aimed at transitioning the Republic of Uzbekistan to a “green” economy by 2030. https://lex.
uz/en/docs/7465853
5. Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No. 225. (2025). On additional measures to
introduce «green financing» mechanisms. (Mentioned in search results on lex.uz, though not directly a presidential
decree but related; full document linked via search: https://lex.uz/en/search/ext?&lang=2&okoz=18914
6. Tang, D. Y., & Zhang, Y. (2020). Do shareholders benefit from green bonds? Journal of Corporate Finance, 61, 101564.
https://www.sciencedirect.com/science/article/abs/pii/S0929119920300039
7. Flammer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142(2), 499-516. https://www.
sciencedirect.com/science/article/abs/pii/S0304405X21002714
8. Kim, S., et al. (2024). Green loans and firm performance: Evidence on signalling and certification effects. European
Financial Management. https://onlinelibrary.wiley.com/doi/10.1111/eufm.70003
9. Yi, M., et al. (2023). Venture capital financing and green patenting. Industry and Innovation, 30(7), 943-970. https://
www.tandfonline.com/doi/full/10.1080/13662716.2023.2228717
10. Global Sustainable Investment Alliance. (2024). Global sustainable investment review 2024. https://www.gsi-alliance.
org/wp-content/uploads/2025/03/GSIR-20243.pdf
11. OECD. (2023). Financing Uzbekistan’s green transition: Capital market development and opportunities for green bond
6ebf6b94/27d2489d-en.pdf
12. Draft Presidential Decree on the National Programme for Green Financing. (2025). Uzbekistan Ministry of Economy
and Finance. https://uz.kursiv.media/en/2025-01-09/uzbekistan-develops-national-green-finance-programme/
13. Republic of Uzbekistan. (2023). SDG Bond Framework. https://api.mf.uz/media/document_files/SDG_Bond_
Framework_X0KO2oV.pdf
14. UNDP. (2023). First report on Uzbekistan 2023 Green Bond. https://www.undp.org/sites/g/files/zskgke326/files/2025-
07/1st_report_on_uzbekistan_2023_green_bond_eng_9.pdf
15. Presidential Resolution on the Year of Environmental Protection and Green Economy. (2025). https://
centralasiaclimateportal.org/2025-has-been-declared-the-year-of-environmental-protection-and-green-economy-inuzbekistan-
what-changes-are-expected/
16. World Bank. (2023). Uzbekistan: Realizing an inclusive green growth transition. https://projects.worldbank.org/en/
results/2023/10/26/uzbekistan-realizing-an-inclusive-green-growth-transition
17. Climate Bonds Initiative. (2024). Sustainable Debt: Global State of the Market.https://www.climatebonds.net/files/
documents/publications/Climate-Bonds_Sustainable_Debt_2024_Global-State-of-the-Market_24-Sep-2025.pdf
18. Asian Development Bank. (2024). ADB approves $250 million loan to support Uzbekistan’s green, inclusive, and
resilient economic growth. https://www.adb.org/news/adb-approves-250-million-loan-support-uzbekistan-greeninclusive-
resilient-economic-growth
19. Climate Bonds Initiative. (2024). Sustainable debt global state of the market. https://www.climatebonds.net/files/
documents/publications/Climate-Bonds_Sustainable_Debt_2024_Global-State-of-the-Market_24-Sep-2025.pdf
20. FAO. (2024). Green Finance Platform in Uzbekistan. https://www.fao.org/platforms/green-agriculture/countries/uzb/
green-finance-platform-in-uzbekistan/en
Загрузки
Опубликован
Как цитировать
Выпуск
Раздел
Лицензия
Copyright (c) 2025 ЗЕЛЁНАЯ ЭКОНОМИКА И РАЗВИТИЕ
Это произведение доступно по лицензии Creative Commons «Attribution» («Атрибуция») 4.0 Всемирная.