FINANCING GREEN PROJECTS IN THE REPUBLIC OF UZBEKISTAN: STATUS, CHALLENGES AND PROSPECTS
DOI:
https://doi.org/10.5281/zenodo.20695456Keywords:
green financing, renewable energy, green bonds, sustainable development, SDGs, Paris Agreement, Uzbekistan, public-private partnership, capital market, energy transitionAbstract
This article provides a scientific analysis of the financing of green projects within the framework
of state programmes implemented in the Republic of Uzbekistan. According to data from IRENA, OECD, the
World Bank, and UNDP for 2020–2024, the total installed renewable energy capacity in the country increased
from 1,908 MW in 2020 to approximately 5,434 MW by the end of 2024, mainly due to the rapid expansion of
solar and wind energy. In 2021, approximately USD 235 million in SDG bonds were issued, followed by the
first sovereign green Eurobond of approximately USD 350 million in 2023. Private investment in clean energy
reached approximately USD 2.9 billion in 2024. Nevertheless, by the end of 2024, the share of renewable
energy in total installed capacity had increased to approximately 20%; however, several systemic challenges
remain, including the need to further strengthen the regulatory framework, develop capital markets, and expand
transmission infrastructure. The article also proposes strategic recommendations for improving green financing
mechanisms
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