Яшил иқтисодиёт ва тараққиёт 3-том 12-нөмір (2025)
FINANCING WATER RESILIENCE: A FEASIBILITY ANALYSIS OF SOVEREIGN BLUE BOND ISSUANCE IN UZBEKISTAN.
Yakubov, Jakhongir
Аңдатпа
As Uzbekistan faces a projected water deficit of 7 billion cubic meters by 2030, traditional fiscal mechanismsare proving insufficient to modernize the country’s agricultural infrastructure. This paper analyzes the feasibility ofintroducing “Blue Bonds”—debt instruments dedicating 100% of proceeds to water management—into Uzbekistan'scapital market. By reviewing hydrological forecasts, fiscal data, and the precedent of the 2023 Sovereign Green Bond,this study identifies a funding gap of approximately $4–5 billion for irrigation modernization. The results suggest that whilethe market infrastructure for a Blue Bond exists, its success relies on establishing rigorous monitoring, reporting, andverification (MRV) mechanisms to mitigate “bluewashing” risks and ensure long-term impact.
blue bonds, water management, irrigation modernization, sustainable finance, water scarcity, capital markets, monitoring, reporting and verification (mrv), environmental policy, climate resilience
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