GREEN FINANCE MARKET IN UZBEKISTAN: PROGRESS, CHALLENGES, AND PROSPECTS

Uzbekistan is making significant advances in green finance, marked by the issuance of its first sovereign green bond in 2023 and a major corporate green Eurobond by Agrobank in 2024. These initiatives support the nation’s ambitious renewable energy goals and signal Uzbekistan’s commitment to sustainable economic transformation. However, key obstacles remain, including the underdevelopment of the domestic capital market and limited private sector participation. This paper analyzes recent progress, key challenges, and strategic recommendations to expand green finance in Uzbekistan.