Economic Annals-XXI: Volume 210, Issue (7-8), Pages: 10-14
Citation information
Abdikarimova, D., Tursunov, J., Ibragimov, A., Tursunova, N., & Yakubova, S. (2024). Sustainable business practices in Central Asia: challenges and opportunities for green innovation. Economic Annals-XXI, 211(9-10), 10-14. doi: https://doi.org/10.21003/ea.V211-02
Dinara Abdikarimova
PhD (Economics),
Department of Business Management,
Banking and Finance Academy of the Republic of Uzbekistan
Kh. Oripov Str., Toshkent, 100000, Uzbekistan
arustamxanova@bfa.uz
ORCID ID: https://orcid.org/0000-0003-1980-1417
Jakhongir Tursunov
PhD (Economics),
Department of Finance Management,
Banking and Finance Academy of the Republic of Uzbekistan
Kh. Oripov Str., Toshkent, 100000, Uzbekistan
jtursunov@bfa.uz
ORCID ID: https://orcid.org/0000-0002-4531-8456
Abdulla Ibragimov
PhD (Economics),
Department of Business Management,
Banking and Finance Academy of the Republic of Uzbekistan
Kh. Oripov Str., Toshkent, 100000, Uzbekistan
a.ibragimov@bfa.uz
ORCID ID: https://orcid.org/0000-0002-9212-4574
Nargiza Tursunova
PhD (Economics),
Department of Investments and Capital Market,
Banking and Finance Academy of the Republic of Uzbekistan
Kh. Oripov Str., Toshkent, 100000, Uzbekistan
tursunova@bfa.uz
ORCID ID: https://orcid.org/0009-0006-6189-0475
Samira Yakubova
PhD (Economics),
Department of Investments and Capital Market,
Banking and Finance Academy of the Republic of Uzbekistan
Kh. Oripov Str., Toshkent, 100000, Uzbekistan
syoqubova@bfa.uz
ORCID ID: https://orcid.org/0000-0002-8618-5637
Sustainable business practices in Central Asia: challenges and opportunities for green innovation
Abstract. With growing environmental pressures, it is crucial for Central Asia, and especially for Uzbekistan, to focus on sustainable business practices and move towards a low-carbon economy. This study looks into the challenges and opportunities for green innovation in Uzbekistan using methods like existing data analysis, interviews with key stakeholders, and field research. Uzbekistan’s heavy dependence on natural resources – mining and agriculture make up 35% of the GDP – along with a lack of advanced technology and weak regulatory systems, pose significant hurdles to sustainability. Yet, there are promising opportunities. The country is aiming for 12 gigawatts of solar energy by 2030. The government is also committed to reducing carbon emissions by 10% by 2035. Moreover, technology-focused startups in smart agriculture have shown growth, increasing by 25% from 2020 to 2023. According to the World Bank, climate change impacts 40% of Uzbekistan’s rural communities. This makes it critical to enhance eco-friendly innovations in sectors like water management and agriculture. International collaborations, such as the Green Climate Fund’s USD 50 million investment in 2022, support these initiatives.
The study emphasizes that a mix of strong governmental policies, investment in clean technologies, and workforce training can turn Uzbekistan into a leader in green innovation within Central Asia.
Keywords: Sustainable Business; Green Innovation; Environmental Challenges; Central Asia; Uzbekistan; Sustainability; Natural Resources; Climate Change
JEL Classifications: Е24; Е41; Е64; I18; J28; J31
Acknowledgements and Funding: The authors received no direct funding for this research.
Contribution: The authors contributed equally to this work.
Data Availability Statement: The dataset is available from the authors upon request.
DOI: https://doi.org/10.21003/ea.V211-02
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Received 20.05.2024
Received in revised form 9.06.2024
Accepted 20.06.2024
Available online 25.10.2024