Improving the Targeted Use of Green Bond Proceeds and the Monitoring of Environmental Performance

This article examines the targeted use of proceeds raised through green bonds and the monitoring of the environmental performance of financed projects. It analyses trends in the global green bond market and Uzbekistan’s experience. The study highlights the need to strengthen the relationship between fund allocation, expenditure control, and environmental impact assessment. It proposes a “green bond–green project” financing mechanism under which at least 70 percent of proceeds would be directed to priority environmental projects and issuers would publish annual financial allocation and environmental performance reports.