Khalilov Sherzod Akhmatovich,
PhD., Associate Professor Head of Accounting Department
ISFT institute, Tashkent, Uzbekistan
Email: halilov86@gmail.com,
Halilova Charos Axmatovna,
Master student, Webster University
JEL Classification: M1 M4, ,M41
Abstract. This study critically examines the urgent necessity of advancing green accounting practices in Uzbekistan, with particular emphasis on leveraging insights derived from the experiences of developed countries. Green accounting, as an evolving and multidisciplinary approach, systematically integrates environmental costs, resource depletion, and ecosystem services into traditional financial accounting frameworks. It is increasingly regarded as a fundamental pillar for achieving sustainable economic development and ensuring long-term environmental stewardship. As Uzbekistan undergoes a dynamic phase of economic growth and modernization, it simultaneously faces escalating environmental challenges, such as resource degradation, pollution, and climate change vulnerabilities. These realities underscore the pressing need for the adoption of more ecologically informed economic policies, supported by robust green accounting mechanisms. The paper commences by providing a comprehensive assessment of the current state of environmental accounting practices in Uzbekistan, identifying significant structural deficiencies, methodological inconsistencies, and institutional barriers that impede effective integration of environmental data into economic planning. It then proceeds to conduct a critical and comparative analysis of methodologies and frameworks successfully implemented in developed economies, highlighting how these countries have incorporated environmental metrics into national accounts to promote informed policy-making, enhanced governance, and sustainable development outcomes. By evaluating both the achievements and challenges encountered by advanced economies in operationalizing green accounting, the study offers nuanced insights into context-specific adaptations that could be effectively applied in Uzbekistan. It argues that the development of a more sophisticated, comprehensive, and internationally aligned green accounting system is indispensable for Uzbekistan’s aspiration to achieve sustainable economic growth, meet global environmental obligations, and build resilience against future ecological risks. Moreover, the paper discusses the wide-ranging policy implications, the need for institutional capacity building, human resource development, regulatory reforms, and investment in technological infrastructure necessary to support this transition. The study concludes by emphasizing that the advancement of green accounting practices in Uzbekistan is not merely an environmental or technical endeavor, but a strategic economic imperative that is vital for ensuring the country’s sustainable development trajectory, international competitiveness, and contribution to global sustainability initiatives.
Keywords: green accounting, environment, sustainability, developed countries