GREEN BONDS AS A FISCAL–ENVIRONMENTAL STABILIZATION INSTRUMENT IN UZBEKISTAN
Keywords:
Green bonds, fiscal stability, climate finance, Uzbekistan, sustainable public financeAbstract
This article examines the role of green bonds as a macro-fiscal stabilization instrument in Uzbekistan, focusing on their capacity to enhance environmental sustainability while strengthening public finance resilience. Unlike conventional assessments centered on cost of capital, the study adopts a systemic efficiency framework incorporating fiscal multipliers, climate risk mitigation, and long-term productivity effects. Using Uzbekistan-specific macroeconomic indicators, the article demonstrates that green bond–financed investments generate measurable fiscal returns through energy import substitution, disaster-risk cost avoidance, and employment-linked tax expansion. The findings indicate that green bonds can function as quasi-insurance instruments for climate-exposed emerging economies, provided that institutional credibility, verification infrastructure, and secondary market liquidity are strengthened.
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