PROSPECTS FOR THE DEVELOPMENT OF THE ESG CONCEPT IN THE FACE OF NEW CHALLENGES
PROSPECTS FOR THE DEVELOPMENT OF THE ESG CONCEPT IN THE FACE OF NEW CHALLENGES

Summary/Abstract: Regulators and businesses worldwide are gradually understanding the importance of climate change adaptation and mitigation measures. Therefore, decision-makers - national regulators, regional authorities, and heads of corporations - need an appropriate toolkit that ensures adequate decisionmaking based on quantitative assessments of various decarbonization and adaptation scenarios. The most promising tools for the decarbonization of the economy are analyzed. It was noted that technological modernization and structural transformation of the industry within the framework of decarbonization are necessary for the positive effect of the transition to lowcarbon development. It was emphasized that enterprises should independently form their ESG strategies to adapt to climate change. Applying an ESG strategy in the long term means increasing business competitiveness and profitability. ESG analysis can help identify several potential long-term financial risks and opportunities, including the possible impact of future carbon regulations and cost savings associated with more efficient use of resources. It was noted that the decarbonization of the economy creates new opportunities for developing green finance and low-carbon technologies. Still, at the same time, it is necessary to remember about possible risks of different nature. The transition to sustainable development is perceived as an objective requirement of time, determining the future of any country. This is not only a problem of the contradiction between the development of economic potential and the limited possibilities of technogenic load on the environment but also a contradiction between the moral principles that a large part of society adheres to and the axioms of social justice.

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