GREEN BONDS AS A FINANCING TOOL FOR RENEWABLE ENERGY PROJECTS IN CENTRAL ASIA

. The transition toward renewable energy has become a strategic priority for Central Asian countries seeking to strengthen energy security, diversify their economies, and reduce greenhouse gas emissions. However, the implementation of large-scale renewable energy projects requires substantial long-term investment. Green bonds have emerged as an alternative financial instrument capable of mobilizing capital from institutional investors, development banks, and international financial markets. This article examines the role of green bonds in financing renewable energy projects in Central Asia, focusing on their potential, institutional requirements, and implementation challenges. Particular attention is paid to the development of green finance markets in Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Turkmenistan. The study argues that green bonds can support solar, wind, hydropower, and other sustainable energy projects by providing access to diversified sources of capital. Nevertheless, their effectiveness depends on transparent reporting, credible project selection, regulatory support, and the development of domestic capital markets.