Driven by geopolitical reconfigurations, tourism investment in the Global South is shifting from volume-based expansion to risk-centric decision-making. This study synthesizes institutional theory, the resource-based view, and the Social License to Operate (SLO) to assess this transition. Leveraging panel data from 18 Belt and Road countries (2019–2024), we construct an assessment system across three dimensions: institutional quality, macroeconomic stability, and developmental maturity. Using the entropy weight method, we identify a distinct risk gradient: Africa exhibits the highest risk intensity, followed by Central Asia and Central and Eastern Europe, with Southeast Asia being the most stable. Exchange rate volatility and political instability emerge as primary systemic drivers, though Southeast Asia shows consistent risk abatement. Finally, we operationalize a "risk-capability-strategy" framework, proposing differentiated regional allocation strategies to navigate the Global South’s evolving investment landscape

This article examines the key risks faced by banks in forming green credit portfolios and identifies effective strategies for risk management. Drawing on international experience, the study analyzes the nature of credit, climate, transition, technological, operational, market, and greenwashing risks. The findings demonstrate that green loans possess a more complex risk profile compared to traditional lending and require the implementation of environmental taxonomies, energy-efficiency certification, independent audits, and state-supported financing mechanisms. For Uzbekistan, adopting these tools can improve the quality of bank credit portfolios, reduce environmental risks, and accelerate the country’s green economic transition.

This article explores the applicability of the Risk-Based Capital (RBC) framework to the insurance market of the Republic of Uzbekistan. Drawing upon international best practices, especially the APRA model from Australia, the study empirically assesses the capital structure comprised of premium, claims liability, and asset risks. The analysis revealed the dominant role of insurance-related risks in capital requirements and emphasized the need to transition from rigid normative regulation to a more risk-sensitive and adaptive supervisory approach. The paper provides policy recommendations for a phased implementation of RBC, including the development of a localized model, creation of a national actuarial database, and modernization of regulatory frameworks.

This article examines the modeling of climate change-related financial risks in Uzbekistan. Based on official reports from the World Bank, Asian Development Bank (ADB), United Nations Development Programme (UNDP) and the Central Bank of Uzbekistan, the country's vulnerability level to climate change is determined and the current state of climate risk management in the banking sector is assessed. The physical and transition components of climate risks and practical possibilities for their modeling using stress testing and Climate VaR methodologies are explored. Based on the research findings, scientific conclusions and practical recommendations for integrating climate risks into Uzbekistan's financial system and developing green finance are formulated