Green bonds in Uzbekistan: opportunities, institutional development and barriers to sustainable finance

Umarova , Zulaykho

Яшил иқтисодиёт ва тараққиёт · 2026-yil

Annotatsiya

Uzbekistan is modernising its economic and financial systems while expanding investment insustainable infrastructure and accelerating the transition to a green economy. Green bonds are emerging asan important instrument for attracting private and international capital to finance these objectives. The studyexamines the development and prospects of Uzbekistan’s green bond market, with particular attention tosovereign and corporate issuance, financing needs, institutional conditions, and regulatory factors. A qualitativeresearch approach is employed, drawing on academic literature, government publications, and reports frominternational financial institutions. The findings indicate that Uzbekistan has made notable progress in developingsustainable finance, particularly following the issuance of a sovereign Sustainable Development Goals bond in2021 and the country’s first sovereign green Eurobond in 2023. At the same time, further market developmentdepends on expanding the range of issuers, strengthening institutional capacity, improving transparency,enhancing environmental impact reporting, and continuing capital market reforms. The findings suggest thatgreen bonds can contribute both to financing Uzbekistan’s green economy and to the diversification anddevelopment of its capital market

Maqola ma’lumotlari
MualliflarUmarova , Zulaykho
JurnalЯшил иқтисодиёт ва тараққиёт
NashriyotТошкент давлат иқтисодиёт университети
ISSN2992-8982
Nashr sanasi2026-09-01
Jild4
Son9
Betlar92-96
TilIngliz
Ilmiy sohaIqtisodiyot
DOI10.5281/zenodo.22741902
Indeksga qo‘shilgan2026-09-15

DOI: 10.5281/zenodo.22741902 · Maqolaning asl sahifasi

Kalit so‘zlar

green bonds; sustainable finance; Uzbekistan; capital markets; sustainable infrastructure; green economy; green transition.

Ilmiy soha

Iqtisodiyot

Iqtibos keltirish

APAUmarova , Zulaykho (2026). GREEN BONDS IN UZBEKISTAN: OPPORTUNITIES, INSTITUTIONAL DEVELOPMENT AND BARRIERS TO SUSTAINABLE FINANCE. Яшил иқтисодиёт ва тараққиёт, 4(9), 92-96. https://doi.org/10.5281/zenodo.22741902
GOST (OAK)Umarova , Zulaykho GREEN BONDS IN UZBEKISTAN: OPPORTUNITIES, INSTITUTIONAL DEVELOPMENT AND BARRIERS TO SUSTAINABLE FINANCE // Яшил иқтисодиёт ва тараққиёт. – 2026. – T. 4, № 9. – P. 92-96. – DOI: 10.5281/zenodo.22741902.
MLAUmarova , Zulaykho. “GREEN BONDS IN UZBEKISTAN: OPPORTUNITIES, INSTITUTIONAL DEVELOPMENT AND BARRIERS TO SUSTAINABLE FINANCE.” Яшил иқтисодиёт ва тараққиёт, 4(9), 92-96, 2026. https://doi.org/10.5281/zenodo.22741902
ChicagoUmarova , Zulaykho. “GREEN BONDS IN UZBEKISTAN: OPPORTUNITIES, INSTITUTIONAL DEVELOPMENT AND BARRIERS TO SUSTAINABLE FINANCE.” Яшил иқтисодиёт ва тараққиёт, 4(9), 92-96 (2026). https://doi.org/10.5281/zenodo.22741902
HarvardUmarova , Zulaykho (2026) ‘GREEN BONDS IN UZBEKISTAN: OPPORTUNITIES, INSTITUTIONAL DEVELOPMENT AND BARRIERS TO SUSTAINABLE FINANCE’, Яшил иқтисодиёт ва тараққиёт, 4(9), 92-96. https://doi.org/10.5281/zenodo.22741902
BibTeX
@article{umarovazulaykho2026,
  title = {GREEN BONDS IN UZBEKISTAN: OPPORTUNITIES, INSTITUTIONAL DEVELOPMENT AND BARRIERS TO SUSTAINABLE FINANCE},
  author = {Umarova , Zulaykho},
  journal = {Яшил иқтисодиёт ва тараққиёт},
  year = {2026},
  volume = {4},
  number = {9},
  pages = {92-96},
  doi = {10.5281/zenodo.22741902},
  url = {https://doi.org/10.5281/zenodo.22741902}
}

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