Theory and Practice of ESG Transformation of Management Systems

Rae Kwon Chung (), Margolin, Andrey (Марголин, Андрей) () and Vyakina, Irina (Вякина, Ирина) ()
Additional contact information
Rae Kwon Chung: Russian Presidential Academy of National Economy and Public Administration, Moscow State University
Margolin, Andrey (Марголин, Андрей): Russian Presidential Academy of National Economy and Public Administration
Vyakina, Irina (Вякина, Ирина): Tver State Technical University

Ekonomicheskaya Politika / Economic Policy, 2023, vol. 2, 80-103

Abstract: The paper explores different approaches to defining the concepts of ESG (Environmental, Social, Governance) and sustainable development and substantiates the position that ESG transformation of management systems is the ideological embodiment of a comprehensive solution to economic, social, and environmental problems facing the state, business, and society. In this regard, it is advisable to view the seventeen UN sustainable development goals (SDGs) through the prism of a set of specific mechanisms to ensure that their achievement is based on ESG ideology. In essence, ESG ideology integrates the triunity of economic, environmental, and social principles inherent in all SDGs, and is a tool for verifying the feasibility of the specific mechanisms that are developed and implemented to achieve each of these goals. Applying an interdisciplinary approach, which is preferable for research of sustainable development issues and assessment of key factors for ESG transformation of management systems, the authors reveal manageable and unmanageable risks, define trends for skill development in managers capable of its implementation, and identify the nuances of achieving sustainable development goals through increased efficiency of interaction between government, business, and society. Specific examples demonstrate that while good practices of the influence of developed civil society institutions on SDG achievement exist, its role is still underestimated, which is a significant hindrance to the achievement of a balance between meeting the objectively existing needs of the population and ensuring no harm to future generations. Research results can be used by the professional community interested in promoting the ESG agenda and achieving sustainable development goals based on ESG transformation of public and corporate management systems.

Keywords: ESG risks; ESG transformation of management systems; ESG factors; sustainable development; sustainable development goals. (search for similar items in EconPapers)
JEL-codes: O13 O15 O38 O44 Q01 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://repec.ranepa.ru/rnp/ecopol/ep2309.pdf

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rnp:ecopol:ep2309

Access Statistics for this article

Ekonomicheskaya Politika / Economic Policy is currently edited by Vladimir Mau

More articles in Ekonomicheskaya Politika / Economic Policy from Russian Presidential Academy of National Economy and Public Administration Contact information at EDIRC.
Bibliographic data for series maintained by RANEPA maintainer ().