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Institutional Support of ESG-Initiatives Implementation for Sustainable Development Transition

In: Finance, Economics, and Industry for Sustainable Development

Author

Listed:
  • Nataliya V. Shekhova

    (Saint-Petersburg State University of Economics)

  • Vitaly A. Mordovets

    (Saint-Petersburg University of Management Technologies and Economics)

  • Olga A. Smirnova

    (Saint-Petersburg State University of Economics)

  • Ivan A. Shekhov

    (Saint-Petersburg State University of Economics)

Abstract

The article deals with the issues of environmental, social, and governmental factors accounting, which are usually united under the abbreviation ESG (Environmental, Social, Governance), in order to sustainable development transition. The central aim of the article is to justify the need to refuse gradually the traditional approach to implementation ESG-strategies in favor of the institutional one, as well as to suggest practical tools for realization the institutional approach. Suggestion that ESG-factors must be taken into consideration when making national strategies for sustainable development, which is the paramount issue of modern scientific, social and political agenda, is justified. The authors depict briefly the content of the sustainable development concept, identifies the main problems of the practical implementation of different countries policy instruments, including Russia, to achieve sustainable development goals. There are elaborated recommendations for the ensuring effective institutional conditions for the sustainable development concept practical implementation related to improving the instruments of legal support and non-financial reporting.

Suggested Citation

  • Nataliya V. Shekhova & Vitaly A. Mordovets & Olga A. Smirnova & Ivan A. Shekhov, 2023. "Institutional Support of ESG-Initiatives Implementation for Sustainable Development Transition," Springer Proceedings in Business and Economics, in: Anna Rumyantseva & Hod Anyigba & Elena Sintsova & Natalia Vasilenko (ed.), Finance, Economics, and Industry for Sustainable Development, pages 309-316, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-30498-9_27
    DOI: 10.1007/978-3-031-30498-9_27
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