TRANSFORMATION OF FINANCIAL INSTRUMENTS IN THE TRANSITION TO A GREEN ECONOMY: THE CASE OF UZBEKISTAN

Abstract

This study examines the global experience of green financing and its impact on economic growth in developed and developing countries. The research analyzes the role of green financial instruments, including green bonds, green loans, and sustainability-linked investments, in supporting environmentally responsible and economically sustainable development. The findings indicate that green financing enhances the quality and resilience of economic growth in developed economies through innovation and productivity gains, while in developing countries it plays a critical role in infrastructure development, job creation, and inclusive growth. The study highlights the importance of institutional capacity, regulatory frameworks, and financial market development in determining the effectiveness of green financing. The results underscore the need for differentiated green finance strategies tailored to the specific economic conditions of countries.