Abstract
The development of supranational and national legislation, standardization requirements and the expansion of producer responsibility have led to the formation of a new approach for the goal-setting of enterprises with a focus not only on purely commercial goals of the short-term period, but on long-term sustainability. This is how the concept of ESG principles of the enterprise was formed, which focuses the company on high efficiency of corporate governance along with the achievement of social and environmental goals of doing business. However, the institutional environment for the effective implementation of ESG practices is at the stage of formation, so there are opportunities for additional risks and threats, among which greenwashing and ESG rating errors stand out due to the lack of standardization and uniform criteria for evaluating companies, green financing errors and the emergence of a financial bubble and other risks.
 The goal is to systematize the benefits of ESG transformation of companies to ensure sustainability and economic efficiency, analyze the green finance market as a key link in the transformation of sustainable initiatives into real economic benefits, analyze the risks of non-acceptance and manipulation of ESG factors for the sustainable development of companies.
 Methods and tools of institutional, sectoral analysis and strategic management, theoretical approaches within the framework of the concept of sustainable development, circular and carbon neutral economy were used.
 Results and scope of their application. The results of this study can be used by enterprises in the implementation of ESG principles and non-financial reporting on environmental, social and managerial risk management, by public authorities in the development of long-term sustainable development strategies and the formation of an institutional environment to achieve climate neutrality, implement energy transition, and ensure the long-term competitiveness of Russian companies in conditions of increasing global threats and the tightening of national and supranational legislation.
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