Evolution of ESG Principles in the Context of a Sustainable Development Strategy: Main Stages and Directions

Abstract

The study has found that the concept of sustainable development proposed by the United Nations was from the very beginning focused on finding a balance between the current and future needs of the population of different countries, taking into account limited resources. The principles of practical implementation of the concept initially provided for the broad participation of the political, scientific and business community. The authors have identified 2 main stages in the development of ESG principles reflecting the current state of the concept of sustainable development: the first, from 1987 to 2004, consisted in the direct formation of the concept of sustainable development, combining the problems of economic, environmental and social spheres. The second stage, from 2004 to the present, is characterized by the introduction into scientific circulation of the concept of ESG - Environmental, Social, Governance, and substantiation of the principles of its practical implementation. In the second stage, the ESG principles are widely recognized, drawing public attention to environmental, social and managerial aspects. At the same time, it has been revealed that despite the increased interest of the international community in the topic under consideration, there is a significant lag in the implementation of the ESG principles in domestic practice. According to the authors, further research on this topic is required, which should focus on analyzing the practice of implementing ESG standards in Russia and substantiating a national strategy for sustainable development that takes into account the specifics of the country, its management system and the interests of society.