Islom karimov nomidagi toshkent davlat texnika universiteti «sanoat iqtisodiyoti va menejmenti: muammo va yechimlar»




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Rakhmedova Madinakhon 
Associate Professor of the Department of
Corporate Finance and Securities, TFI., phd 
THE EFFECTIVENESS OF USING GREEN BONDS IN THE MODERN ECONOMY 
Ensuring economic growth in the 21st century is inextricably linked with attempts to solve 
acute problems of human development, including poverty and inequality, climate change, 
accelerating degradation of ecosystems and other risks of environmental degradation. 
The growing concern about climate change and the intensification of environmental efforts by 
economic agents at various levels, from international to local, contributed to the emergence of the 
concept of «green projects».
They are understood as such initiatives that are aimed at reducing the negative impact of 
economic activity on the environment and, first of all, at reducing greenhouse gas emissions. Such 
projects require significant financial resources. One of the financial instruments that allows them to 
attract is green bonds. According to the definition of the International Association of Capital Markets 
(ICMA), green bonds are understood as «any debt instruments, the proceeds from the placement of 
which or an equivalent amount are directed exclusively to financing or refinancing green projects».


455 
«Green» bonds are bonds that comply with the principles, standards and criteria in the field 
of ecology and «green» financing. The appearance of such bonds is associated with the spread of the 
principles of sustainable business development — ESG (English environmental, social and corporate 
governance — «environmental, social and corporate governance»). 
With the help of «green» bonds, the issuer attracts financing for projects related to nature 
protection and environmental improvement. 
Usually, «green» bonds, like other bonds, are placed on the stock exchange. They can be 
purchased by investment companies and funds, banks and individuals. Private investors can buy 
«green» bonds with the help of a broker. 
The growing popularity of the «green» agenda leads to an increase in demand for 
environmental friendliness of the industry. As a result, companies are increasingly placing «green» 
bonds to modernize their production facilities. At the same time, interest in them from large 
investment companies and financial organizations is increasing. 
According to the Climate Bonds Initiative (CBI), in 2022, the total issue of «green» bonds in 
the world amounted to 487.1 billion dollars. Since the creation of the market in 2007, their total 
emissions have exceeded $ 2 trillion, and by 2025 it could reach $ 5 trillion. 

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Islom karimov nomidagi toshkent davlat texnika universiteti «sanoat iqtisodiyoti va menejmenti: muammo va yechimlar»

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