Thе Rоlе оf Sustаinаblе Finаnсе in Uzbеkistаn’s Trаnsitiоn tо а Grееn Есоnоmy

This article investigates the role of sustainable finance in advancing Uzbekistan’s transition toward a green economy. Drawing on a master’s dissertation, it evaluates the effectiveness of national policies, identifies institutional and market barriers, assesses private sector engagement, and explores the role of international financial institutions (IFIs). The research adopts a mixed-methods approach, combining quantitative analysis of data from 2010 to 2023 with qualitative examination of policy documents and multilateral reports. Two regression models measure the effects of green finance flows on carbon dioxide (CO₂) emissions and renewable energy adoption, while thematic content analysis examines institutional capacity, policy implementation, and regulatory gaps The results indicate that green finance has a statistically significant, though moderate, impact on environmental outcomes. Specifically, it has contributed to emission reductions and supported renewable energy growth, yet no measurable effect was detected on GDP expansion. This suggests that while sustainable finance is shaping Uzbekistan’s environmental trajectory, it has not yet matured into a driver of economic transformation. The findings also highlight systemic barriers, including institutional fragmentation, weak environmental, social, and governance (ESG) regulations, limited private sector engagement, and dependency on external financing. Conversely, IFIs such as the Asian Development Bank (ADB) and the Green Climate Fund (GCF) have played a critical role in shaping Uzbekistan’s nascent green finance ecosystem.The study concludes that long-term progress requires a robust domestic framework, adapted international best practices, and stronger integration of the private sector. In this way, Uzbekistan can evolve into a regional leader in sustainable finance and accelerate its green economic transition.

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