Susanna Alieva,

Candidate of Economics, Associate Professor of the Department of Finance, Samarkand Institute of Economics and Service, Samarkand, Uzbekistan,


ORCID ID 0000-0002-3337-1743

Abstract. This paper examines the evolution and development of the green bond market in mobilizing adaptation and mitigation finance in the implementation of the fight against the negative effects of climate change. Based on a theoretical approach, the main drivers of the green bond market in recent years are identify. The conditions are also disclose in detail, namely the principles that green finance projects must comply with, since in general such projects can be both “social” and “sustainable development” projects, and however, their status is still different. A study of scientific results and practical data showed that the growth of the green bond market is a fact in developed and developing countries, supported by growing investor awareness of climate change. However, sometimes the lack of institutional mechanisms for the management of “green” bonds, high transaction costs associated with the issuance of “green” bonds, are the main obstacles to the development of this market. Therefore, it is necessary not only to develop the infrastructure that creates conditions for the development of this market, but also incentives for potential investors and issuers. In addition, our country has begun the path to such development, gradually adopting legislative and regulatory acts aimed both at stimulating the development of “green” technologies, and at their use both in the activities of business entities and the life of individuals. At the same time, incentives can be divide into tax regulation and direct financial support. Including, carried out by attracting financial resources of the World Bank, aggregated through the issuance of “green” bonds. Based on the results of the study, the author formulated the conclusion that this market is an effective way to attract financing to the market of “green” investments and gave a recommendation on the use in Uzbekistan as a tool for the development of the “green” economy, the issuance of “green” bonds, which, according to in the author’s opinion, they will help to effectively implement reforms in the field of reducing the negative impact of greenhouse emissions on the environment.

Key words: “green” bonds, “green” economy, “green” investments, evolution of the “green” bond market, mechanism of work of “green” bonds, The Green Bonds Principles.

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