GREEN BONDS AND SOVEREIGN DEBT INSTRUMENTS FOR INFRASTRUCTURE ASSET RENEWAL: AN ANALYSIS OF FINANCIAL MECHANISMS
DOI:
https://doi.org/10.5281/zenodo.20742238Keywords:
green bonds, sovereign debt, infrastructure renewal, sustainable finance, climate finance, ESG, public investment, UzbekistanAbstract
This article examines the role of green bonds and sovereign debt instruments in financing
infrastructure renewal. Based on international experience and comparative analysis, the study evaluates the
advantages of green financing mechanisms and develops an institutional framework for their application in
Uzbekistan. The findings indicate that sovereign green bonds can become an effective tool for attracting longterm
capital to support sustainable infrastructure development
References
Asian Development Bank (ADB). (2023). Uzbekistan: Country Partnership Strategy 2022–2026. Manila:
ADB.
Bloomberg New Energy Finance (BNEF). (2024). Green Bond Market Monitor Q4 2023. New York:
Bloomberg L.P.
Climate Bonds Initiative (CBI). (2024). Sovereign Green, Social and Sustainability Bond Survey. London:
CBI.
Climate Bonds Initiative (CBI). (2023). Green Bond Pricing in the Primary Market H1 2023. London: CBI.
European Bank for Reconstruction and Development (EBRD). (2023). Uzbekistan Infrastructure Investment
Assessment. London: EBRD.
Eurosif. (2023). European SRI Study 2023: Institutional Investor ESG Preferences in Fixed Income.
Brussels: Eurosif.
Fatica, S., Panzica, R., & Rancan, M. (2021). The pricing of green bonds: Are financial institutions special?
Journal of Financial Stability, 54, 100873. https://doi.org/10.1016/j.jfs.2021.100873
G20 Infrastructure Working Group. (2023). G20 Infrastructure Outlook 2023: Financing the Future. Paris:
Global Infrastructure Hub.
International Capital Market Association (ICMA). (2021). Green Bond Principles: Voluntary Process
Guidelines for Issuing Green Bonds (2021 Edition). Paris: ICMA.
International Monetary Fund (IMF). (2024). Uzbekistan: Article IV Consultation—Staff Report. IMF Country
Report No. 24/72. Washington, D.C.: IMF.
International Monetary Fund (IMF). (2023). Fiscal Monitor: Mobilizing Private Climate Finance. Washington,
D.C.: IMF.
McKinsey Global Institute. (2016). Bridging Global Infrastructure Gaps. McKinsey & Company.
Mirzaev, B. Sh. (2023). Green Economy and Sustainable Development: Uzbekistan’s Pathway (Yashil
iqtisodiyot va barqaror rivojlanish: O‘zbekiston yo‘li). Tashkent: TDIU Publishing House.
OECD. (2023). Financing Uzbekistan’s Green Transition: Capital Market Development and Opportunities
for Green Bond Issuance. Paris: OECD Publishing. https://doi.org/10.1787/27d2489d-en
Principles for Responsible Investment (PRI). (2023). Fixed Income Investor Perspectives on Green Bond
Quality Assurance. London: PRI.
Razzaqov, M. N., & Toshmatov, B. O. (2022). Capital market instruments for green finance in Uzbekistan:
Fiscal and monetary dimensions. O‘zbekiston Iqtisodiyoti, 4(2), 88–101. https://doi.org/10.56288/
uzbe.2022.4.2.88
Reboredo, J. C. (2018). Green bond and financial markets: Co-movement, diversification and price spillover
effects. Energy Economics, 74, 38–50.
World Bank. (2023). Uzbekistan Water Supply, Sanitation and Hygiene Sector Assessment 2023.
Washington, D.C.: World Bank Group.
Zerbib, O. D. (2019). The effect of pro-environmental preferences on bond prices: Evidence from green
bonds. Journal of Banking & Finance, 98, 39–60.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 ECONOSCITECH INTEGRATION
This work is licensed under a Creative Commons Attribution 4.0 International License.
