O FACTORS DETERMINING THE LEVEL OF ESG MANAGEMENTIN THE BANKING SYSTEM OF UZBEKISTAN
DOI:
https://doi.org/10.5281/zenodo.22877023Abstract
This paper systemizes and evaluates the factors driving Environmental, Social, and Governance (ESG) management within the banking sector of Uzbekistan. Amidst large-scale privatization, banking sector reforms (2020–2025), and integration into global capital markets, the adoption of ESG frameworks has become a strategic priority. Using a multilevel institutional framework, the study identifies macro-level drivers (regulatory mandates by the Central Bank of Uzbekistan), meso-level drivers (the strategic presence of International Financial Institutions like the EBRD and IFC, and green Eurobond issuances), and micro-level determinants (corporate governance maturity and digital transformation capabilities). The paper highlights structural bottlenecks, such as the deficit of verified corporate ESG data, the absence of a unified national green taxonomy, and specialized human capital shortages. Finally, it provides comprehensive policy and strategic recommendations to improve sustainability governance and risk mitigation frameworks for commercial banks and regulatory bodies.Keywords
ESG Management, Banking System of Uzbekistan, Sustainable Finance, Institutional Isomorphism, Green Bonds, Financial Regulation, PrivatizationReferences
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