ISSN-L: 0798-1015 • eISSN: 2739-0071 (En línea)

https://www.revistaespacios.com Pag. 45

Currently, the key trends in the development of the economy in the new normal are associated with global

significantly affects the value of companies.

The concept of ESG (Environment, Social, Governance) is directly related to the theory of sustainable

development and implies a responsible attitude to the environment (Environment), compliance with social

responsibility (Social), high quality corporate governance (Governance).

The main ESG factors include:

1) E-factors:

- climate change associated with the production and economic activities of enterprises,

- greenhouse gas emissions,

- growth of industrial waste,

- depletion of natural resources,

- training and development of staff, increasing their involvement,

- the relationship of the enterprise with consumers and local communities,

- diversity and inclusiveness,

- relationships with suppliers (supply chains),

3) G-factors:

- enterprise management structure,

- long-term strategy of the enterprise,

- audit and internal control,

- management remuneration,

- business integrity,

social projects, responsible attitude towards partners, consumers, suppliers and other market participants (S-

principle),

- improving the quality of corporate governance, including public reporting of the enterprise, improving

corporate culture, taking anti-corruption measures, etc. (G-principle).

ESG principles should cover all activities of enterprises, including technological processes, personnel

management, etc. It should be emphasized that for industrial enterprises with a large amount of harmful

towards the environment. Environmental responsibility is also directly relevant for service and travel businesses

that bring their consumers into direct contact with the environment (Morozov & Morozova, 2018; Morozov et

al., 2018). For city-forming enterprises, which are the core of the regional economy, the S-principle of

participation in the creation of local infrastructure, which directly affects the quality of life, will be of the greatest

The research methodology is based on a systematic approach, a dialectical method of studying economic systems

compliance with the principles of ESG. The problems of sustainable development of the economy and the

principles of ESG have been studied in articles (Altonar et al., 2022; Chernenko & Lyadova, 2021; Petrenko, 2020

and others). The use of digital technologies in the business processes of enterprises and their impact on

personnel are considered in the works (Frey & Osborne, 2017; Horvat et al., 2019; Dozortsev, 2021 and others).

The issues of responsible investment in the light of ESG principles have been studied in the works (Kachurina,

2021; Petrenko, 2020; Pilyugina & Lasunova, 2020; Terentiev, 2021 and others).

main ESG factors taken into account when calculating the ESG rating, the rating of Russian enterprises according

Environmental, social and management programs of ESG-transformation of enterprises affect their long-term

value, and the presence of such programs is an indicator of quality management. Adherence to the principles of

ESG influences the financial stability and business reputation of an enterprise and how it is perceived by other

market participants, including financial institutions. Compliance with these principles provides access to

responsible investments, which are becoming increasingly popular in the financial environment. Integrating

ESG's environmental, social and governance factors into strategic investment decisions can bring shareholders

higher and more sustainable returns in the future.

of different ESG ratings leads to conflicting results when evaluating ESG projects, which complicates decision-

making for both institutional investors, banks and enterprises themselves. In this regard, the primary task is to

develop common international standards for assessment and rating, which will ensure the clarity and

unambiguity of ESG assessments.

Entrepreneurs (RSPP) calculates the following indices of sustainable development of enterprises:

- "Responsibility and openness" index, which evaluates the quality of public reporting,

- index "Vector of sustainable development", reflecting the dynamics of the main socio-economic and

- the ERAX stock index, which characterizes the impact of the environmental component on the value of

The first places in this rating were taken by the largest companies from the energy, metallurgical and mining

ESG ratings are beginning to play an important role in investment policy, as they are used to justify attracting

green and social investments (Kachurina, 2021). A high ESG rating for a business shows that it is responsible for

controlling and reducing greenhouse gas emissions, recycles waste, and conserves natural resources. For such

of products, materials, resources and minimization of industrial and household waste (Zhukova, 2021).

associated with digitalization (Innovative and technological…, 2019). Digitalization has had a significant impact

on the development of the service sector (Morozov & Morozov, 2020). Until 2020, the popularity of ESG

transformation and digitalization was about the same, but in 2020-21, interest in ESG transformation has

skyrocketed.

Table 3 shows the popularity of ESG transformation and digitalization requests in different countries

The highest number of ESG-related searches on Google came from Taiwan (88%), Hong Kong (83%), Denmark

(73%), Canada and the UK (72% each). This allows us to conclude that it is in these countries that ESG

transformation is given great attention and it has become the main ideology of sustainable development for

many enterprises.

The implementation of the ESG concept is closely related to digital technologies, which are the technological

basis for achieving ESG goals. Various digital technologies are used to implement ESG projects, including the

- Industrial Internet of Things (IIoT) technologies provide control and management of technological processes

and harmful emissions generated by the production activities of an enterprise, they are used to monitor the

processes to identify possible failures, emergencies, etc.,

- technologies for collecting and processing big data make it possible to build a system of predictive analytics and

predict possible failures and accidents in the operation of complex technological equipment,

- virtual reality technologies are used in the creation of VR simulators for training technical personnel, the

formation of professional competencies and skills for trouble-free operation, - corporate digital platforms ensure

the creation of a single information space of the enterprise to improve the quality of corporate governance.

and chemical companies were among the first to get involved in the implementation of the ESG principles. Lukoil

receives 6% of its electricity needs from renewable sources, in particular, uses solar energy. Shell is using digital

technologies to make filling stations more efficient, safer and more environmentally friendly.

analytics and provide 3D visualization of objects. This allows you to simulate the operation of equipment in

various, including critical and emergency conditions, provides monitoring and diagnostics of industrial systems.

Virtual digital twins can be created for individual products, technological processes, workshops or an industrial

of equipment operation in advance in case of emergency situations. About 90% of all questions about the

performance of equipment are removed at the stage of checking its functioning on a digital twin. Digital twins,

being a computer model of a real object, are created on the basis of specialized digital platforms (Dozortsev,

2021). In Russia, from January 1, 2022, the national standard GOST R57700.37–2021 “Computer models and

modeling. Digital twins of products. General Provisions”, which defines the requirements for the creation and

use of digital twins. By 2024, it is planned to introduce digital twin technology at 250 Russian enterprises, 145

Electric Locomotive Plant, which has created digital simulation models of the assembly, repair, and paint shops.

and ensure the digitalization of key production units. Gazprom Neft has created a digital twin of the process of

and conduct a preventive assessment of the operation of the system in case of a change in its configuration.

Digitalization is the most important factor in sustainable development and implementation of the ESG

transformation. The processes of digital transformation and ESG transformation must be synchronized in order

competitiveness and resilience in the new normal. Enterprises are beginning to actively engage in ESG

transformation to ensure strategic competitiveness both domestically and globally.

The main areas of ESG transformation of enterprises include the following:

- modernization of physical assets to comply with ESG principles,

- implementation of a climate management system and management of greenhouse gas emissions,

- development and implementation of energy saving measures both at the level of individual production

operations, structural divisions, and the enterprise as a whole,

which contain a universal set of criteria for evaluating corporate activities aimed at ensuring sustainable

development.

ESG reporting of enterprises in Russia. In July 2021, the Bank of Russia issued recommendations on the disclosure

of non-financial information related to the activities of public joint-stock companies (PJSCs). This reporting

and social aspects of activities, relationships with employees, the fight against corruption, and so on. It should

be emphasized the increasing role of non-financial information for investors, who, in addition to the traditional

assessment of economic efficiency, began to pay attention also to the impact of the enterprise on the

governance ESG criteria. Responsible investors aim to strike a balance between financial and public interests.

The new generation of investors prefers to finance mainly those companies that minimize environmental

damage, take care of the implementation of social norms for employees, i.e. adhere to the principles of ESG

(Pilyugina & Lasunova, 2020).

ESG's responsible investment tools make it possible to attract financial resources for the implementation of

projects aimed at preserving the environment and developing the so-called green economy. An example of

responsible green financing is the issue in December 2021 by Ecoline-Vtorplast of green bonds for 2 billion rubles.