Abstract
Sustainable debt markets have expanded rapidly worldwide: cumulative recorded issuance of green, social, sustainability and sustainability-linked (GSS+) instruments reached USD 8.1 trillion by the end of 2025. For developing economies with bank-based financial systems and shallow capital markets, however, the policy question is not whether such instruments exist but which institutional mechanisms can be adapted to local legal, monetary and market conditions. Uzbekistan has already built important foundations: the 2019 Green Economy Strategy, the “Uzbekistan – 2030” Strategy, the National Green Economy Taxonomy adopted in 2023 and Cabinet of Ministers Resolution No. 221 of 4 May 2026, which phases large strategic enterprises into sustainability reporting based on IFRS Sustainability Disclosure Standards.
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