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Financing Water Resilience: A Feasibility Analysis Of Sovereign Blue Bond Issuance In Uzbekistan

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  • Yakubov Jakhongir

Abstract

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.

Suggested Citation

  • Yakubov Jakhongir, 2025. "Financing Water Resilience: A Feasibility Analysis Of Sovereign Blue Bond Issuance In Uzbekistan," GREEN ECONOMY AND DEVELOPMENT, "Ma'rifat-Print-Media" LLC, Tashkent State University of Economics, vol. 3(12), December.
    • Handle: RePEc:teu:ged000:v:3:y:2025:i:12:id:8293
    DOI: 10.5281/zenodo.17977556
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