FROM FINANCIAL AUDIT TO CLIMATE AUDIT: EXPANDING ACCOUNTABILITY MECHANISMS FOR UZBEKISTAN’S GREEN ECONOMY GROWTH
DOI:
https://doi.org/10.55640/Keywords:
Climate Audit Financial Accountability, Green Economy, Sustainable Finance, Green Bonds Uzbekistan, ESG Reporting Sustainable Development Goals (SDGs), Climate-Resilient Development, Environmental AuditingAbstract
Uzbekistan is moving through a strategic transition into a green economy; it is therefore essential to have the Green Economy Transition Strategy for 2019–2030 and climate resilience commitments under the Paris Agreement. This transition demands a lot of green investments in areas such as green bonds, renewable energy, and climate-smart agriculture. Yet, transparency and a genuine green image for the investments without falling to greenwashing remain huge hurdles for building investor confidence. Financial audits in Uzbekistan have traditionally focused on compliance with legal norms and the accountability of public money, but the somewhat novel domain of green finance calls for a new audit paradigm: climate audit. In order to ensure financial accountability, climate audit bridges the gap between conventional financial auditing techniques and international standards of Environmental, Social, and Governance (ESG) reporting, and helps in meeting the Sustainable Development Goals (SDGs). Based on the institutional setup of the country, this research analyzes existing lines of accountability, highlights gaps therein, and compares international best practices to propose a roadmap for introducing climate audit mechanisms into Uzbekistan's financial control system.
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