On the Implementation of ESG Practices in Russia and in the Countries of the West, Asia-Pacific Region in the New Realities

Abstract

The study of the processes of implementing ESG principles in various types of business as one of the tools for sustainable development is very relevant in the context of the global structural crisis and the beginning of the destruction of the global economy model. The popularity of the ESG agenda in the world has been growing over the past seven years, as it demonstrated that the proposed tools allow assessing the responsibility of business to society, its involvement in solving sustainable development problems, as well as the ability to attract investments. The purpose of this study is to substantiate the need to promote ESG practices in Russia and evaluate the possibility of harmonizing national standards with the ESG standards of developing countries, in particular the countries of the Asia-Pacific region. The article characterizes ESG principles as key elements of the investment management system that affect business development. The stages of the formation of the «green» taxonomy of the European Union, as well as the results of the implementation of ESG initiatives in the countries of the Asia-Pacific region are presented. We analyzed the situation with the use of ESG principles and the degree of promotion of this agenda in Russian companies. The study found that it is necessary to develop a national regulatory system in this area, create tools for the «green taxonomy» of the Russian Federation, taking into account the transformations in the global economy and changes in attitudes towards the ESG agenda in Asian countries, especially in matters related to the accelerated transition to «green» energy.