MANAGING INNOVATION RISKS IN THE DEVELOPMENT OF THE GREEN ECONOMY

Abstract

In the contemporary global economic environment, the efficient use of limited resources, the achievement of sustainable economic growth, the adoption of innovative approaches to clean technologies, and the transition to a green economy have become increasingly important. This article examines the economic nature, classification, and management mechanisms of risks associated with innovation activities during the transition to a green economy. Three principal sources of uncertainty affecting green innovation are identified: technological, market-related, and institutional factors. The study considers integrated approaches to innovation risk assessment based on the probability of risk occurrence and the magnitude of its potential impact. International experience indicates that the transition to a green economy is a long-term process requiring substantial investment and the efficient utilization of available resources. Particular emphasis is placed on the development of renewable energy sources, the implementation of resource-saving technologies, and improvements in energy efficiency. The study proposes a five-stage model for managing innovation risks and provides recommendations for its practical application in Uzbekistan. Special attention is given to the application of the proposed approaches to financing green projects, promoting public–private partnerships, and improving economic policy mechanisms. The findings indicate that the transition to a green economy is characterized by countryspecific features shaped by the condition of natural and human capital and the level of socioeconomic development. Accordingly, establishing a favorable institutional environment through improvements in the regulatory framework and the development of effective economic incentives is essential for supporting this transition. Aligning public investment, government procurement, and other economic policy instruments with green economic development can facilitate the environmental transformation of the national economy and contribute to achieving the Sustainable Development Goals.