GREEN FINANCE IN UZBEKISTAN: ADVANCING SUSTAINABLE DEVELOPMENT THROUGH INNOVATIVE STRATEGIES

Jenisbekova Nazerke Jenisbekovna and Yuldasheva Nadira Viktorovna

GREEN ECONOMY AND DEVELOPMENT, 2024, vol. 2

Abstract: This article examines Uzbekistan's strategic transition toward green finance as a critical component ofits sustainable development agenda, drawing parallels with Sweden’s advanced green finance policies. Uzbekistan'scommitment to reducing greenhouse gas emissions and fostering environmentally friendly practices is evident throughthe issuance of thematic bonds, including green and sustainability-linked bonds. These initiatives reflect the country'sdedication to mobilizing both domestic and international private capital to meet substantial investment needs, estimatedat USD 6 billion annually. The government's alignment with the Sustainable Development Goals (SDGs) emphasizes itsfocus on poverty reduction, education, and environmental protection.Furthermore, the article discusses the incorporation of emerging global best practices, particularly from Sweden, intoUzbekistan's domestic green taxonomy to facilitate standardized project evaluation and selection. The rise of greenfintech 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, Uzbekistanremains poised to enhance its green finance framework. By leveraging innovative financial instruments and fosteringcollaboration between various stakeholders, Uzbekistan aims to establish itself as a leader in green finance within CentralAsia, ensuring a resilient and sustainable future for its economy and ecosystems

Keywords: green finance; Uzbekistan; sustainable development; emission reduction; thematic bonds; investment needs; Sustainable Development Goals (SDGs); Sweden; green fintech; environmental protection; climate change; economic resilience (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:teu:ged000:v:2:y:2024:id:7237

DOI: 10.5281/zenodo.17380482

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