INVESTMENT POLICY OF KAZAKHSTAN IN THE CONTEXT OF ESG PRINCIPLES

Abstract

This article examines the role of ESG principles in international investment law and their increasing importance for the formation of investment policy in Kazakhstan. Attention is drawn to some progress in the implementation of ESG principles, however, this policy is multidirectional, and there are a number of tax and socio-economic disadvantages. The author draws attention to the specific advantages of introducing these principles into investment policy: increasing investment attractiveness, access to new sources of capital, etc. Using the example of a number of large investment proceedings, the importance of these principles is emphasized, and attention is also drawn to the features and complex nature of legal proceedings in this category of investment disputes. The article also notes potentially high reputational risks in international investment proceedings. In this context, ESG principles should be considered as a tool to reduce these types of country risks. The author relies on an article by candidate of legal sciences, associate professor Zh. Kulzhabaeva, which outlines the economic significance of the criteria of feasibility and efficiency. Drawing attention to the significance of the proposed concept, the author proposes to take into account the principles of ESG. This combination will give the investment policy a certain balance and sustainability in the long term. In the final part, the author draws attention to the versatility of the ESG concept and the need to pay attention to a number of issues that have a decisive influence on the degree of implementation of ESG principles and, accordingly, on the sustainability of the state’s investment climate