Adyghe Int. Sci. J. Vol. 25, No. 3. Pp. 62–76.
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DOI: https://doi.org/10.47928/1726-9946-2025-25-3-62-76
EDN: XLCPLG
ECONOMICS
| UDC 332.122:330.34 | Original Article |
The importance of ESG for the regional economy: theoretical analysis
Zhanna Petrovna Khamukova
Postgraduate student of the Finance and Credit Department, North Caucasian State Academy (369001, Karachay-Cherkess Republic, Cherkessk, Stavropolskaya St., Building 36), khamukova2020@bk.ru
Abstract. The article is devoted to the theoretical analysis of the role of the ESG approach (environmental, social, and management aspects) in the transformation of the regional economy of Russia. The relevance of the study is due to the need to move from traditional growth models to balanced development that takes into account global challenges: climate risks, social inequality, and institutional barriers. The purpose of the work is to systematize the influence of ESG principles on the strategic management of regions and substantiate their importance as a driver of sustainable modernization. The study is based on the analysis of scientific literature (works by Zhukova E. V., Izmailova M. A., OECD reports, the World Bank, GRI), regulatory documents (methodology of the Ministry of Economic Development of the Russian Federation) and international cases. The methods of system analysis of ESG components (E, S, G) in the context of the regional economy, as well as a comparative assessment of ESG implementation practices in the constituent entities of the Russian Federation are applied. The key effects of ESG integration are identified. The ESG approach is positioned as a systemforming model for the regions of the Russian Federation, transforming management from quantitative indicators to qualitative sustainability. ESG ensures a balance of environmental, social and management priorities. Successful implementation requires the development of digital infrastructure, personnel training and the adaptation of international standards (GRI, TCFD) to Russian specifics. The study emphasizes that ESG is not a reporting tool, but a basis for the transition to an inclusive, resource-saving economy, which is especially relevant in the context of spatial polarization of the Russian Federation.
Keywords: ESG approach, regional economy, sustainable development, strategic management, human capital, spatial disparities, green financing, non-financial reporting, digitalization of management, modernization of the economy.
Funding. The work was not carried out within the framework of funds.
Competing interests. There are no conflicts of interest regarding authorship and publication.
Contribution and Responsibility. The author participated in the writing of the article and is fully responsible for submitting the final version of the article to the press.
For citation. Khamukova Zh. P. The importance of ESG for the regional economy: theoretical analysis. Adyghe Int. Sci. J. 2025. Vol. 25, No. 3. Pp. 62–76.
DOI: https://doi.org/10.47928/1726-9946-2025-25-3-62-76; EDN: XLCPLG
Submitted 11.08.2025; approved after reviewing 20.08.2025; accepted for publication 22.08.2025.
© Khamukova Zh.P., 2025
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