Khalilov Sherzod Akhmatovich,
Associate Professor of the Department of Accounting, PhD Tashkent State University of Economics
Email: halilov86@gmail.com, ORCID: 0000-0002-6230-5278
Tashkent, Uzbekistan
Abstract. Green accounting is a new practice aimed at incorporating environmental costs into financial decision-making, with the potential to support sustainable development. This article explores the necessity, challenges, and opportunities of implementing green accounting in Uzbekistan, which stands at a critical juncture of economic and environmental policy. It emphasizes the need to integrate environmental protection issues into the country’s economic system, given Uzbekistan’s unique ecological problems, such as water scarcity, soil degradation, and pollution. Green accounting is crucial for comprehensively developing the country’s wealth and well-being by accounting for the depletion of natural resources and environmental degradation. Implementing green accounting in Uzbekistan may face several challenges, including the lack of standardized methodology, insufficient data, and limited experience in environmental economics. Despite these shortcomings, opportunities for establishing green accounting in Uzbekistan exist. Measures to introduce green accounting include education and skill enhancement, increasing community attention to environmental issues, and reforming state policies. Adapting green accounting to global sustainability trends can enhance international competitiveness and attract environmentally friendly investments. This article contributes to the discussion on sustainable development in Uzbekistan by analyzing the potential of green accounting to transform the country’s economic landscape. Green accounting represents a strategic integration of environmental costs into financial analysis and decision-making processes as a crucial step toward achieving long-term sustainability. By thoroughly reviewing literature and scientific-practical research, this article highlights the scientific and practical aspects of implementing green accounting in Uzbekistan, provides recommendations for overcoming implementation challenges, and maximizes opportunities for sustainable economic growth.
Keywords: sustainability, integration, environment, green accounting