FINANCIAL RESOURCES OF HIGHER EDUCATION INSTITUTIONS IN THE TRANSITION TO A GREEN ECONOMY AND THEIR ECONOMIC SUBSTANCE

Abstract

This paper examines the economic substance of the financial resources of higher education institutions (HEIs) in the context of Uzbekistan's transition to a green economy. It draws a clear distinction between three concepts that are often used interchangeably - financial sources, financial resources, and financial funds - and classifies HEI financial resources into six groups: state-commissioned places (state grants), tuition-contract fees, grants, sponsorship, research projects, and own revenues. For each group, the paper identifies its role in financing the green transformation and the risks it carries. As a contribution to the literature, the paper proposes classifying a set of innovative, repayable and performance-linked financing channels - green bonds, green revolving funds, energy service contracts, international climate grants, “1+1” partnerships with innovation-support funds, crowdfunding, public-private partnerships, and a green-oriented adaptation of the targeted teaching-laboratory fund and HEI-enterprise partnership model proposed by Turobova, Giyazova and Qodirov (2018) - as a distinct “seventh group of resources.” The paper also develops indicators for assessing the diversification of financial sources and innovative financing capacity, and offers recommendations for financing the “green” HEI.