Development of Green Finance Mechanisms in Emerging Economies: The Case of Uzbekistan

This article provides a systematic analysis of green finance mechanisms emerging in Uzbekistan over 2020–2025. Drawing on data from the Ministry of Economy and Finance, the Central Bank, and multilateral development banks (ADB, EBRD, World Bank Group), as well as OECD and UNDP reports, the study finds that Uzbekistan has institutionalized its green agenda, issued three thematic bonds totaling over USD 1.07 billion (the 2021 sovereign SDG bond, the 2023 sovereign green bond, and the 2024 Agrobank corporate green bond), and mobilized more than USD 18.5 billion of international finance. Installed renewable capacity (solar and wind) rose from near zero in 2019 to 4.7 GW by October 2025, targeting 27 GW by 2030. Nevertheless, the financing gap estimated by the OECD at USD 6 billion per year is met only at ~67%, while the state-dominant structure and shallow domestic capital market remain key constraints. The paper offers policy recommendations on deepening green finance instruments, taxonomy development, the corporate market segment, and regional leadership in Central Asia.