Khalilov Sherzod Akhmatovich,
Head of Accounting department, ISFT Institute
PhD, Associate Professor
Tashkent, Uzbekistan
Email: halilov86@gmail.com
Halilova Chraos Axmatovna
Master Student, Webster University
JEL Classification: M1, M4, M41
Abstract. This study offers a pioneering contribution to the development of a green accounting methodology tailored to Uzbekistan’s unique environmental and economic landscape, drawing upon best practices and experiences from the European Union. Green accounting, as an emerging interdisciplinary field, seeks to systematically integrate environmental factors—such as resource depletion, pollution, and ecosystem services—into conventional financial accounting frameworks, thereby providing a more comprehensive and accurate reflection of an entity’s impact on natural capital and ecological sustainability. Uzbekistan, characterized by its distinct environmental challenges, including water scarcity, land degradation, and a resource-dependent economy, presents an important context for adapting and operationalizing advanced green accounting practices. The research methodology adopts a comparative analytical approach, examining key components of the European Union’s green accounting standards with a particular focus on resource consumption measurement, waste management practices, and environmental cost allocation techniques. These standards are critically evaluated and subsequently adapted to align with Uzbekistan’s specific regulatory environment, economic structure, resource endowments, and environmental policy frameworks. The interdisciplinary nature of this research—merging principles from environmental science, economics, and accounting—enables the development of a robust, context-sensitive green accounting framework for Uzbekistan. Key outcomes of the study include the formulation of a customized green accounting model, sector-specific guidelines for practical implementation, and an analysis of the potential influence on national policy-making processes and environmental management strategies. Furthermore, the study identifies and discusses the principal challenges associated with transferring and adapting EU-based standards to the Uzbek context, such as disparities in legal and institutional frameworks, varying levels of environmental awareness and education, and differences in technological infrastructure and readiness. By illustrating how established green accounting methodologies can be effectively contextualized for emerging economies, this research contributes to the broader field of environmental accounting and sustainability reporting. It offers valuable insights for policymakers, business leaders, and environmental advocates in Uzbekistan, supporting their efforts to transition towards more sustainable and environmentally responsible economic practices. Moreover, the findings have broader regional relevance, providing a potential blueprint for similar adaptations across Central Asian countries seeking to harmonize their accounting systems with international sustainability standards.
Keywords: green accounting, sustainability, methodology, the European Union’s experience