ENTERPRISE PROFITABILITY IN THE ESG ERA: HOW ENVIRONMENTAL AND SOCIAL CRITERIA AFFECT THE COST OF CAPITAL AND FINANCIAL EFFICIENCY OF UZBEK ENTERPRISES

The article examines how compliance with ESG (environmental, social and governance) principles affects the cost of capital and, consequently, the profitability of Uzbek enterprises. Using the case of Uzbekistan's sovereign green Eurobonds listed on the London Stock Exchange, as well as the European Bank for Reconstruction and Development's (EBRD) concessional green lending facilities extended to Uzbek banks, it is shown that ESG compliance can lower the cost of debt financing and raise return on equity without a genuine increase in operating efficiency. It is argued that for enterprises oriented toward European partners and capital markets, ESG profile becomes an independent factor of financial efficiency that must be considered alongside classical ROS, ROA and ROE metrics.