Green Accounting: A Comparative Study of ESG’s Performance Implementation between Uzbekistan and Indonesia

This study examines the comparative implementation of Environmental, Social, and Governance (ESG) frameworks and green accounting practices in Uzbekistan and Indonesia two emerging economies from different regions facing distinct yet intersecting sustainability challenges. While ESG has become a global focal point for promoting sustainable development, cross-regional comparisons remain limited in academic literature. Indonesia has made notable strides with mandatory ESG regulations, sustainable finance roadmaps, and increasing private sector engagement. Conversely, Uzbekistan, despite being in the early stages of ESG integration, has introduced a Green Economy Strategy and national taxonomy, reflecting growing political commitment. However, challenges persist in both contexts. Indonesia faces risks of greenwashing and uneven ESG reporting, while Uzbekistan grapples with weak governance, high energy intensity, and fragmented regulations. The study highlights the potential of Industry 4.0 technologies such as IoT, AI, and blockchain to enhance ESG data transparency and accountability. It also emphasizes the urgent need for standardizing ESG metrics globally, as the proliferation of disparate rating systems hampers comparability and policy alignment. Based on qualitative analysis and cross-national evidence, this research contributes to understanding how governance quality, technological capacity, and institutional coordination shape ESG outcomes. Insights from this comparison offer strategic implications for policymakers aiming to strengthen sustainable finance and green accountability frameworks in developing economies.