The world’s nations are accelerating measures to introduce green financing practices in the financial market, deeply evaluating the impact of every project they finance on the environment, business entities, and public health. This process necessitates the complete and perfect development of mechanisms for raising capital through green financial instruments, increasing the need to regulate them with legislative norms, and demanding more active cooperation and institutionally effective establishment of collaboration between investors and issuers. Consequently, the need to develop methodological approaches that ensure the formation and development of the green finance market is sharply increasing, and the issue of creating an effective market infrastructure is becoming urgent. This article provides scientific and theoretical analyses concerning the methodology of organizing, improving, increasing the efficiency, and regulating the green finance market

This article analyzes the theoretical foundations, content, significance and role of green financing in ensuring sustainable development. Within the framework of the study, various scientific approaches to the concept of green financing are summarized, and its importance in climate change mitigation and adaptation processes is highlighted. Also, the main directions of green financing, financial instruments and development trends of the global green finance market are analyzed. The results of the study show that green finance is an important strategic mechanism for ensuring environmental sustainability, economic growth and social well-being, and conclusions and proposals for the development of this area have been developed

This article provides a scientific analysis of the development of green financing mechanisms in the context of Uzbekistan during a period of economic recession. The study examines the country’s macroeconomic indicators, green finance instruments, and their impact on economic stability. In addition, based on the scientific works of international and domestic scholars, the theoretical foundations of green finance are discussed, and its practical state is assessed. The analysis substantiates the importance of green financing mechanisms in increasing investment activity, ensuring energy efficiency, and reducing economic risks. At the same time, existing problems in this area are identified, and scientifically grounded proposals and recommendations for addressing them are developed

The article analyzes the potential of the “green sukuk” instrument for financing sustainable development in Uzbekistan. It examines the country’s economic and financial situation, the current state of Islamic finance and the sukuk market, as well as the theoretical foundations of green sukuk. The study also identifies the challenges associated with introducing this instrument and outlines its prospects. Scientific conclusions and practical recommendations are provided regarding the implementation of green sukuk, including the development of an appropriate regulatory and legal framework.

This article analyzes the concept of sustainable development and the role of green finance in the banking sector. The study examines the practices of managing environmental and financial risks in commercial banks, foreign experiences, and examples from banks in Uzbekistan. The results indicate that green finance ensures not only ecological responsibility but also strategic development of banks. This approach contributes to financial stability, economic modernization, and strengthening environmental security

This article examines how Strategic Public Procurement (SPP) can be used to stimulate the green economy, focusing on both global practices and the specific context of Uzbekistan. Internationally, SPP has proven effective in driving sustainable innovation and reducing environmental impacts. The study analyzes best practices from the EU, OECD, and UN frameworks, and contrasts them with Uzbekistan’s current procurement system. Despite progress in green policy, Uzbekistan’s use of SPP remains limited. This paper identifies key gaps and proposes actionable reforms to align procurement with green development goals, offering a pathway to sustainable economic growth. Effective implementation of SPP in Uzbekistan could catalyze environmental innovation, support green SMEs, and reinforce the country’s commitments under the Sustainable Development Goals (SDGs). The research emphasizes the need for legal reforms, capacity building, and financial incentives to enable this transition.

This article is dedicated to reflecting the significance of fiscal policy instruments in the development of the green economy in various countries. Analyses have been conducted on different types of fiscal tools in green financing systems of countries, and information is provided on their importance for sustainable development. Comments are given, and conclusions are drawn based on the development trends observed over past periods. As a result of the analysis, proposals and conclusions have been formulated for Uzbekistan's economy.

This article examines the relationship between economic growth and environmental sustainability in the context of a green economy. The study is based on the assumption that economic expansion and ecological balance should not be considered as opposing development objectives, but as interdependent components of long-term competitiveness. The research uses comparative analysis, statistical observation and a small-sample OLS regression model to assess the interaction between GDP growth, CO₂ emissions per capita and renewable energy indicators in Uzbekistan. The results show that growth in transition economies can remain connected with environmental pressure when institutional, technological and financial mechanisms of greening are not sufficiently developed. At the same time, the expansion of renewable energy capacity and the strengthening of ESG-oriented governance create opportunities for gradually reducing this dependence. The novelty of the study lies in linking green economy theory with empirical evidence and policy-oriented recommendations for an emerging economy context.

This article examines the key risks faced by banks in forming green credit portfolios and identifies effective strategies for risk management. Drawing on international experience, the study analyzes the nature of credit, climate, transition, technological, operational, market, and greenwashing risks. The findings demonstrate that green loans possess a more complex risk profile compared to traditional lending and require the implementation of environmental taxonomies, energy-efficiency certification, independent audits, and state-supported financing mechanisms. For Uzbekistan, adopting these tools can improve the quality of bank credit portfolios, reduce environmental risks, and accelerate the country’s green economic transition.

This research examines the influence of environmental risk management (ERM) on the credit portfolio stability of commercial banks in Uzbekistan, utilising secondary data from sustainability reports, regulatory publications, and international financial institutions. The results show that banks with more advanced ERM frameworks, which include environmental screening, green lending, and sustainability governance, have lower non-performing loan (NPL) ratios and better asset quality. On the other hand, banks that don’t use ERM as much are still more vulnerable to environmental and credit risks. The study finds that integrating environmental risks into the banking system in Uzbekistan is necessary to make it more financially stable and in line with global standards for sustainable finance

This study investigates the role of ESG-driven innovation as a strategic source of competitive advantage in the banking sector, with a comparative focus on state-owned and private banks across emerging and developed markets. Drawing on the Resource-Based View and Dynamic Capabilities theory, it develops a novel ESG Innovation Index that captures the depth and integration of sustainability technologies, such as AI-based ESG analytics, carbon tracking platforms, and digital reporting systems into core banking functions. Using a panel dataset of 68 banks from Central Asia and benchmark economies (2015–2024), the study employs fixed-effects and system GMM models to assess the impact of ESG innovation on profitability (ROA, ROE), operational efficiency, market share, and investor attractiveness. Results reveal that ESG innovation significantly enhances financial and operational performance, while the magnitude of its impact is substantially higher among private banks. The findings highlight that ownership structure moderates the innovation–performance nexus, with private banks leveraging technological agility for greater returns, whereas state-owned banks tend to pursue compliance-oriented sustainability agendas. The research contributes to strategic management and sustainable finance literature by framing ESG innovation as a contingent dynamic capability and offers policy insights for regulators seeking to balance innovation incentives across ownership types.

This article examines the modeling of climate change-related financial risks in Uzbekistan. Based on official reports from the World Bank, Asian Development Bank (ADB), United Nations Development Programme (UNDP) and the Central Bank of Uzbekistan, the country's vulnerability level to climate change is determined and the current state of climate risk management in the banking sector is assessed. The physical and transition components of climate risks and practical possibilities for their modeling using stress testing and Climate VaR methodologies are explored. Based on the research findings, scientific conclusions and practical recommendations for integrating climate risks into Uzbekistan's financial system and developing green finance are formulated

This study investigates the relationship between ESG disclosure quality and international competitiveness among commercial banks in Central Asia, benchmarked against a matched sample of European Union (EU) institutions. Using a mixed-methods approach –including content analysis of sustainability reports (2018–2024), a novel ESG Disclosure Quality Index (EDQI), and panel regressions on 495 bank-year observations – we find that Central Asian banks exhibit significantly lower ESG transparency across environmental, social, and governance dimensions compared to EU peers. Crucially, higher-quality ESG disclosure is robustly associated with greater foreign investment inflows, increased likelihood of Eurobond issuance, higher foreign ownership, and improved credit ratings – even after controlling for bank fundamentals and institutional quality. Notably, the marginal benefit of ESG transparency is significantly stronger in Central Asia than in the EU, suggesting that credible disclosure serves as a critical signaling mechanism in emerging markets where such information is scarce. These findings support the strategic adoption of global ESG reporting standards (e.g., ISSB, TCFD) by Central Asian regulators and banks to enhance financial integration and investor confidence.

This article provides an in-depth analysis of the institutional-fiscal transformation of Special Economic Zones (SEZs) and their strategic role in innovative development. Drawing on both global and national experience, it examines the theoretical foundations of SEZs, tax and customs preferences, cluster-based economic models, digital infrastructure, and the integration of green technologies. The study explores the genesis of SEZ development, their central role in economic liberalization policies, and their position within international integration processes. It highlights that beyond tax incentives, key determinants of SEZ effectiveness include transparent governance, institutional coherence, the formation of innovative production clusters, and the development of skilled human capital. Ultimately, SEZs are positioned not only as tools for attracting investment but also as drivers of technological independence, economic sovereignty, and enhanced global competitiveness.