Uzbekistan’s New Development Formula: Green Economy, Social Sustainability and Transparent Governance乌兹别克斯坦全新发展模式：绿色经济、社会可持续发展与透明治理

⬆ Independence Monument, New Uzbekistan Park, Tashkent

“The global economy has entered a stage in which sustainable development is no longer merely a declarative agenda but has become one of the key criteria for assessing trust in governments, companies, and financial institutions. As a result, ESG standards are now viewed not as an image-building tool, but as a means of evaluating reliability, governance quality, technological maturity, and long-term competitiveness.

For reference: ESG (Environmental, Social, and Governance) refers to business principles under which a company considers its impact on the environment, society, and the quality of governance while seeking to achieve sustainable development and minimize risks.

Today, this trend is naturally shifting from voluntary commitments toward stricter requirements, including non-financial disclosure, climate reporting, independent verification, carbon regulation, supply-chain oversight, and measures to combat greenwashing—that is, the unjustified presentation of activities as environmentally sustainable.

Notably, according to available estimates, global ESG assets exceeded USD 30 trillion in 2022 and may reach USD 40 trillion by 2030. At the same time, sustainable bond issuance amounted to approximately USD 1.1 trillion in 2025. This demonstrates that sustainable development has become part of the global financial infrastructure rather than a narrow area of corporate policy.

Against this backdrop, Uzbekistan is shaping its own model of sustainable development based on national priorities. Water and energy security, employment, social stability, improved performance of state-owned enterprises, greater transparency in governance, and stronger investment appeal are of particular importance to the country.

A key feature of Uzbekistan’s approach is that the ESG agenda is not being developed in a fragmented manner, but as part of broad reforms implemented under the leadership of the President of the Republic of Uzbekistan. The Uzbekistan–2030 Strategy, the transition toward a green economy, national sustainable development goals, the green taxonomy, the MRV system, ESG reporting by state-owned enterprises, social protection, the development of mahallas, and anti-corruption measures together form a unified framework for public policy.

A new stage in the institutional development of ESG was formalized by Cabinet of Ministers Resolution No. 221 dated May 4, 2026. The document approved rules for introducing environmental, social, and corporate governance principles, preparing ESG reports, and disclosing information on sustainable development. As a result, ESG in Uzbekistan is moving from a broad strategic framework toward a specific system of implementation, monitoring, and reporting.

This is therefore not a collection of isolated initiatives, but a new logic of governance. The economy must not only grow, but also remain sustainable; state-owned enterprises must not only be large, but also transparent; social policy must not only compensate for hardship, but also support development; and the environmental agenda must not only protect nature, but also carry economic significance.

⬆Islamic Civilization Center in Uzbekistan, Tashkent

The environmental pillar remains the most developed area. Given Uzbekistan’s water scarcity, high climate vulnerability, the consequences of the Aral Sea crisis, and the need to modernize the energy sector, the green economy is an objective necessity.

Key documents signed by the Head of State define the main areas of environmental transformation: the development of renewable energy, improved energy efficiency, the introduction of water-saving technologies, emissions reduction, waste recycling, the expansion of green spaces, the restoration of natural ecosystems, and the creation of an emissions-monitoring system.

As a result, environmental policy is gradually moving beyond traditional nature conservation and becoming part of the country’s economic strategy. At a time when the carbon footprint is becoming a factor in export competitiveness, energy modernization, reduced water losses, and improved industrial efficiency are gaining not only environmental but also macroeconomic importance.

Alongside the environmental agenda, Uzbekistan’s sustainable development model includes a strong social dimension. This includes reducing poverty, expanding employment, supporting women, protecting vulnerable groups, developing mahallas, improving infrastructure, and raising living standards.

It is the social pillar that gives the reforms a human dimension. The green transition must not be limited to reporting and technical indicators. It must remain people-centered, since changes in energy, water management, and industry may affect employment, tariffs, access to resources, and household income structures.

At the same time, the aforementioned government resolution establishes ESG as an integrated system in which environmental indicators are not considered separately from social and governance factors. The focus extends beyond emissions, energy, and water to include governance quality, labor practices, risks affecting stakeholders, data transparency, and management accountability.

The quality of governance is becoming a key condition for the effectiveness of the ESG agenda. In today’s environment, investor confidence depends not only on macroeconomic indicators, but also on institutional transparency, corporate governance, information disclosure, and the predictability of public policy.

Uzbekistan has made notable progress in this area. Digital monitoring, the KPI system for government bodies, anti-corruption policy, ESG reporting by state-owned enterprises, and a national system for measuring, reporting, and verifying climate and ESG indicators for emissions accounting are all being developed.

Changes in the public sector are particularly significant. In recent years, substantial progress has been achieved in improving the investment appeal of state-owned enterprises. By the end of 2025, 17 state-owned enterprises had received international credit ratings, while seven had obtained publicly available ESG ratings. This indicates a transition from a closed administrative model toward the standards of international financial discipline.

In practice, the public sector is becoming subject to external assessment, public reporting, and corporate accountability. Ratings require the disclosure of risks, financial discipline, a clear strategy, and stronger governance. Through this mechanism, ESG is moving from the conceptual level into the practical sphere of corporate management.

Within this framework, the government resolution is of fundamental importance. It stipulates that state-owned enterprises undergoing transformation must introduce ESG reporting rules from July 1, 2026, and prepare ESG reports in accordance with disclosure standards by November 1, 2026.

Based on the above, the following conclusions may be drawn:

First, ESG is becoming a strategic instrument for modernizing Uzbekistan’s public sector and economy. Its significance extends beyond environmental policy and encompasses investment, social sustainability, and competitiveness.

Second, reforms implemented under the leadership of the Head of State are transforming sustainable development from a set of declarations into a system of practical governance. Reporting, the green economy, social policy, transparency, and ESG standards are becoming elements of a unified reform architecture.

Third, in the new global economy, the advantage belongs to countries that grow sustainably, transparently, and predictably from an investor’s perspective. This is precisely where Uzbekistan’s competitive opportunity lies: in turning sustainability into a source of trust, capital, and long-term development.

Thus, ESG is not an external slogan for Uzbekistan, but an internal logic of development. It is a mechanism for connecting economic growth with responsibility, investment with trust, reforms with quality of life, and national interests with the requirements of the new global economy. 

文｜【乌兹别克斯坦】尼扎莫夫 (A. Nizamov) 乌兹别克斯坦共和国总统直属战略与区域研究所部门主任
萨托罗夫 (S. Sattorov) 乌兹别克斯坦共和国总统直属战略与区域研究所首席研究员       译校｜关恺拓       图片提供｜乌兹别克斯坦驻华大使馆

全球经济已迈入全新阶段，可持续发展不再只是宣言式的倡议，而是衡量各国政府、企业与金融机构公信力的核心标准之一。由此，环境、社会和治理（ESG）标准不再被视作塑造形象的工具，而是评判经营可靠度、治理水平、技术成熟度与长期竞争力的手段。

概念说明：ESG 即环境（Environmental）、社会（Social）、治理（Governance），是一套企业经营准则：企业在谋求可持续发展、降低经营风险的过程中，需统筹考量自身活动对环境、社会造成的影响，并完善内部治理体系。

如今，全球发展趋势正从企业自愿践行ESG承诺转向更为严格的要求，涵盖非财务信息披露、气候专项报告、第三方独立核验、碳管控、供应链监管，以及整治“漂绿”行为 ——即企业毫无依据地宣称自身业务具备环保可持续属性的行为。

值得注意的是，根据现有测算，2022年全球ESG相关资产规模突破30万亿美元，2030年预计达到40万亿美元。与此同时，2025年全球可持续债券发行规模约1.1万亿美元。这表明可持续发展已成为全球金融基础设施的一部分，不再是企业内部的小众政策领域。

在此背景下，乌兹别克斯坦基于本国优先发展事项，构建自身可持续发展模式。水资源与能源安全、就业保障、社会稳定、国有企业提质增效、治理透明度提升、投资吸引力增强均尤为重要。

乌兹别克斯坦模式的一个关键特征在于，ESG倡议不以碎片化方式推进，而是纳入总统领导开展的全面改革中。乌兹别克斯坦—2030战略、绿色经济转型、国家可持续发展目标、绿色分类标准、温室气体测算 – 报告 – 核查（MRV）体系、国有企业ESG报告、社会保障、基层社区（马哈利亚）建设及反腐败举措，共同构建了公共政策的统一框架。

⬆ 邂逅新生乌兹别克斯坦，邂逅千年文脉

2026年5月4日第221号内阁部长会议决议正式确立了ESG制度发展新阶段。该文件批准了环境、社会、公司治理准则落地细则，明确 ESG 报告编制规范与可持续发展信息披露要求。此后，乌兹别克斯坦的ESG建设从宏观战略框架转向具体的实施、监测和报告体系。

因此，这一系列举措并非将孤立政策加以集合，而是一种全新治理逻辑。经济不能仅追求增长，更要追求可持续；国有企业不能仅追求规模，更要追求透明度；社会政策不能仅为困难兜底，更要支持发展；环境议程并非仅仅保护自然，而要具备经济价值。

环境仍是发展最为成熟的支柱领域。乌兹别克斯坦水资源短缺，气候脆弱性高，咸海危机后果严重，能源产业亟待现代化升级，绿色经济是国家发展的必然要求。

国家元首签署多个重要文件，确定环境转型的主要方向：发展可再生能源；提高能效；引进节水技术；减少排放；回收废物；扩大绿化面积；恢复自然生态系统；搭建排放监测系统。

因此，环境政策正逐步超越传统的自然保护范畴，成为国家经济战略的组成部分。在碳足迹日益成为出口竞争力影响因素的背景下，能源现代化、水资源损耗降低及产业效率提高具备环境和宏观经济双重意义。

除环境议题外，乌兹别克斯坦的可持续发展模式还涵盖了社会维度，包括减少贫困、扩大就业、支持妇女、保护弱势群体、建设基层社区、改善基础设施以及提高生活水平。

社会制度赋予改革以人文关怀。绿色转型不能仅限于报告和技术指标，而必须坚持以人为本，因为能源、水务和工业领域的变化可能会影响就业、物价、资源获取与家庭收入结构。

与此同时，前述政府决议将ESG确立为一个综合体系，在这一体系中，环境指标不再与社会和治理因素分开考量。政策的关注重点不再局限于排放、能源和水资源，同样涵盖治理水平、劳工关系、影响利益相关方的风险、数据透明度及管理层问责制。

治理水平正在成为ESG议题有效性的关键因素。当今，投资者信心不仅取决于宏观经济指标，还取决于制度透明度、公司治理、信息披露以及公共政策的可预期性。

乌兹别克斯坦已在这一领域取得显著进展。数字监测、政府部门绩效考核（KPI）体系、反腐政策、国有企业ESG报告，以及用于排放核算的气候与ESG指标国家测量、报告和核查体系，均在建设之中。

公共领域变化尤为显著。近年来，国有企业投资吸引力提升取得实质性进展：截至2025年底，17家国有企业获得国际信用评级，其中7家获得公开可查的ESG评级。这标志着国有企业从封闭行政管理模式向国际通用金融标准的转型。

实践层面，公共领域正逐步接受外部评估、公开报告和企业问责。评级机制要求公共领域披露风险，遵守财务纪律，制定明确战略并完善治理体系。通过这一机制，ESG正从概念层面转变为企业管理的实践领域。

在此框架下，政府决议具有根本性意义。该决议规定，正在转型的国有企业须自2026年7月1日起引入ESG报告规范，并于2026年11月1日前按照披露标准编制ESG报告。

基于以上内容，可得出以下结论：

第一，ESG正成为乌兹别克斯坦公共部门和经济现代化转型的战略工具。其意义不再局限于环境政策，同样涵盖投资、社会可持续性及竞争力。

第二，国家元首领导的改革正将可持续发展从一套宣言转变为切实可行的治理体系。报告制度、绿色经济、社会政策、透明度和ESG标准均正在成为统一改革架构的组成部分。

第三，在全新的全球经济中，投资者视角下，经济增长具有可持续性、透明度和可预见性的国家掌握着优势，这正是乌兹别克斯坦竞争机遇之所在：将可持续性转化为信任、资本和长期发展的来源。

因此，对乌兹别克斯坦而言，ESG并非外部口号，而是内在的发展逻辑。这一机制连结着经济增长与责任、投资与信任、改革与生活质量、国家利益与全球经济。