Legal Regulation of Green Investments in the Republic of Uzbekistan

Abstract

This article analyses the emerging legal framework for green investments in the Republic of Uzbekistan against the background of the country’s broader transition to a green economy and its international climate commitments. It first clarifies the concept of “green investments” in light of OECD and EU approaches and then examines the core national instruments shaping the regulatory environment: the 2019–2030 Strategy for Transition to a Green Economy, the Law on the Use of Renewable Energy Sources, the Law on Investments and Investment Activity, and new environmental assessment legislation. Special attention is paid to the introduction of sovereign green bonds, the development of a national green taxonomy, and the role of public–private partnerships and special economic zones in mobilising private capital. The article also compares Uzbekistan’s approach with international benchmarks such as the EU Taxonomy Regulation and the ICMA Green Bond Principles, identifying both convergences and gaps. Finally, it formulates practical recommendations aimed at strengthening the coherence, predictability, and transparency of the legal framework to attract sustainable foreign and domestic investment.