BEYOND GREENWASHING: STRENGTHENING CENTRAL BANK POLICIES FOR ECOLOGY IN UZBEKISTAN

Climate change more and more threatens financial and economic stability, and thus the operation of central banks comes into action. The thesis explores the role of climate shocks in monetary policy, price stability, and financial oversight, with special reference to Uzbekistan. It analyzes international policies—like the European Central Bank stress tests, China's green credit policy guidelines, and World Bank taxonomy frameworks—and compares them with Uzbekistan's current policy measures, such as green refinancing, NGFS membership, and pilot green bonds. Uzbekistan does not yet have a clear green taxonomy, disclosure requirements, and robust monitoring mechanisms despite the advancements. The study argues that international best practices can help Uzbekistan curb greenwashing, activate sustainable finance, and realign its central banking system towards long-term environmental and economic resilience.