BARRIERS TO PRIVATE SECTOR GREEN BOND ISSUANCE IN UZBEKISTAN'S CAPITAL MARKET: A COMPARATIVE ANALYSIS WITH KAZAKHSTAN
ウズベキスタン資本市場における民間セクターのグリーンボンド発行の障壁：カザフスタンとの比較分析 (AI 翻訳)
Aslbek Rovshanov, Worldly Knowledge Publishing Centre
🤖 gxceed AI 要約
日本語
本論文は、ウズベキスタンとカザフスタンを比較し、民間部門によるグリーンボンド発行の障壁を分析する。両国とも政策枠組みはあるが、ウズベキスタンでは規制支援や投資家基盤の不足が原因で発行が進んでいない。カザフスタンは3兆ドル近い民間グリーンボンド市場を構築した。結論として、タクソノミーやソブリン発行に先行して市場インフラ整備が必要であると提言する。
English
This paper compares Uzbekistan and Kazakhstan to identify barriers to private sector green bond issuance. Despite having green taxonomies and sovereign green bonds, Uzbekistan has only one corporate green bond. Kazakhstan, with similar policies, has developed a $3 billion private green bond market. The gap is attributed to insufficient regulatory support, shallow institutional investor base, lack of targeted incentives, and limited refinancing potential for renewables. Recommendations include improving market infrastructure.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
本論文の知見は、日本がGX経済移行債を活用しつつ民間グリーンボンド市場を拡大する上で示唆に富む。政策と市場インフラの順序立てた整備の重要性を強調している。
In the global GX context
This paper contributes to global scholarship on green bond market development, showing that taxonomy and sovereign issuance alone are insufficient. Regulatory support, investor base, and incentives are critical for private sector participation, informing TCFD/ISSB-related policy in emerging markets.
👥 読者別の含意
🔬研究者:Provides a comparative empirical framework for studying green bond barriers in emerging markets, useful for financial development scholars.
🏢実務担当者:Corporate finance teams in Uzbekistan and similar markets can learn about the specific barriers to accessing green bond financing and the need for market infrastructure.
🏛政策担当者:Regulators and ministries in emerging economies should note the importance of sequencing: build market infrastructure alongside taxonomy and sovereign issuance.
📄 Abstract（原文）
Uzbekistan has built much of the policy architecture for a green finance market, including a National Green Economy Taxonomy and a track record of sovereign green and SDG linked Eurobonds dating back to 2021. Despite this, private sector green bond issuance has remained marginal, with only one small corporate green bond issued domestically as of 2024. Kazakhstan, which adopted its own green taxonomy around the same period, has instead developed a private and quasi private green bond market worth close to three billion dollars. This paper asks why that gap exists and what would close it. Using a comparative case study built on official sources from both countries, including government ministries, stock exchanges and United Nations agencies, the paper examines four areas where the two markets diverge, regulatory and verification support, the depth of the domestic institutional investor base, the presence or absence of targeted financial incentives, and the potential to refinance existing renewable energy assets through green debt. The findings suggest Uzbekistan's barrier is less a missing policy than a sequencing problem, with taxonomy and sovereign issuance built well ahead of the market infrastructure needed to support private issuers. The paper closes with three targeted recommendations for narrowing that gap.
🔗 Provenance — このレコードを発見したソース
- Zenodo https://zenodo.org/records/21414970first seen 2026-07-18 04:13:45
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