Development of Green Business in Industry Due to ESG Management in Russia and Central Asia

Abstract

Studying the problem of the development of green business in Russia and Central Asia through the lens of the use of ESG management tools and their influence on the achievement of the Sustainable Development Goals and an increase in the effects of green transition. Design/methodology/approach: Combination of interdisciplinary approaches, united by the concept of sustainable development, which is fully disclosed within ESG management. The main directions for the implementation of ESG management are outlined, and their influence on the development of green business is determined, including the concrete examples of industrial companies. The methods used in this paper are of general scientific character and include analysis and synthesis, observation and generalisation, and the method of structural analysis. Findings: The paper considers the theoretical foundations of the development of green business through the lens of implementing the ESG management concept in industrial companies of Russia and countries of Central Asia. The importance of the development of green business in this region is substantiated, the list of economic and reputational advantages, which accompany the implementation of ESG management at a company, is given, and the methods of the achievement of the SDGs due to this are described. Examples of compliance with the principles of ESG management by industrial companies in Russia and Central Asia are analysed, and the influence of these measures on the development of green business is determined. Originality/value: Substantiation of the connection between the directions of implementing ESG management and achievement of the Sustainable Development Goals within the concept of green business.