Publication Details
Abstract
This study examines the impact of green financing on the green transformation of industrial and manufacturing enterprises, with an empirical illustration drawn from Uzbekistan's emerging green finance market. The transition toward low-carbon, resource-efficient production has made access to green credit, green bonds, and other sustainability-linked financial instruments a central determinant of firms' capacity to adopt cleaner technologies and reorganize production around environmental performance criteria. Most of the existing empirical evidence on the green-finance-to-green-transformation link has been generated within China's green credit and green-bond pilot programs, raising questions about its direct applicability to smaller, bond-market-emerging economies such as Uzbekistan. The paper systematizes the principal empirical studies on the mechanisms linking green financing to enterprise green transformation, identifies their common analytical channels and limitations, and proposes an integrated four-dimensional framework combining green credit and debt instruments, capital-market and green-bond instruments, policy and institutional support, and enterprise innovation and absorptive capacity. The study relies on a qualitative-analytical research design combining comparative literature synthesis with an empirical illustration based on the recent development of Uzbekistan's sovereign and corporate green bond market.