Abstract

Aim. To identify objective reasons for the slowdown of ESG-transition, as well as a list of risks and limitations of the current vector of development of the climate agenda, which are often ignored by developers of “green” standards and taxonomies.Tasks. To evaluate ESG transition initiatives during the COVID-19 coronavirus pandemic; to identify non-obvious barriers and constraints to ESG transition; and to uncover the reasons that have shaped the current vector of the climate agenda.Methods. The study is based on the analysis of empirical data. Their processing showed that ideas of the international climate agenda are often broadcast regarding the ESG topic, but there are very few critical articles and reviews about it.Results. The current vector of development of the climate agenda is primarily conditioned by the goals of its initiators - international economic organizations. These include the Organization for Economic Cooperation and Development (OECD), the International Monetary Fund (IMF) and the World Trade Organization (WTO). The propagated notions of global environmental crises that future generations will inevitably face unless measures are taken to facilitate the transition to sustainable development are only a political tool for competing in the hydrocarbon market. Given the lack of strong technological solutions, investments in green assets can be seen as high-risk given their speculative nature.Conclusions. Despite the priorities of the global economic agenda, there are doubts about its integrity, as it fails to take into account a number of constraints and circumstances, including failure to take into account the scale of the raw material strain required to transform the global energy system; the lack of technologies to efficiently process large volumes of retired so-called renewable energy sources; the lack of energy technologies for which demand is not yet evident; and the “rebound” effect, i.e. the question of what happens next. As a result, market participants often use so-called greenwashing (or “green camouflage”) to formally meet the requirements, or rather, to portray the “greenness” of their technology/products.

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