EXISTING PROBLEMS OF THE SUSTAINABLE FINANCING SYSTEM IN UZBEKISTAN: A DIAGNOSTIC ANALYSIS

Abstract

This article examines the main constraints on sustainable financing in Uzbekistan using a six-block conceptual framework and problem-tree analysis. The diagnostic findings indicate limited domestic sustainable-bond issuance, potential regulatory and coordination gaps, underdeveloped verification services, a narrow institutional investor base, and relatively high financing costs. A levelised-cost-of-electricity simulation shows that increasing the discount rate from 6 to 14 percent raises solar and wind generation costs by approximately 72 and 69 percent, respectively, demonstrating their sensitivity to financing conditions. The priority assessment distinguishes short-term measures, including regulatory clarification, improved reporting and project preparation, from structural reforms requiring sustained capital-market development. The article proposes a structured diagnostic framework for sequencing reforms and emphasizes the need for further empirical and multi-expert validation.