MOSCOW, October 3. /TASS/. Sustainable development principles (Environmental, Social and Corporate Governance, ESG) is a trend that cannot be abandoned despite its western origin, Head of the Russian Finance Ministry’s Financial Policy Department Ivan Chebeskov told a conference.
"Three letters ESG may have probably had a negative tinge recently as those three letters, same as many other standards, have come from the western practice to us, but it is probably worth differentiating between politics and the essence as sustainable development is indeed a global trend, which <…> we shouldn’t abandon, we should continue acting in it," he said.
As time passes the ESG agenda, the sustainable development standards, as well as ESG accounting, become the new form on the financial market, Chebeskov noted, adding that Russia should use sustainable development standards as they are used across the world, including by Moscow’s friendly partners.
"We understand that hydrocarbon regulation, environmental risks, this is what our future holds. Our closest and largest trade partners develop respective systems to work with climate changes, hydrocarbon units accounting systems. This is what we will have to do and undergo, at least for cooperating with our trade partners," he concluded.
The implementation of ESG strategies is implied by the UN’s 17 targets on reaching sustainable development goals. ESG is a set of tools used by companies focusing on environment, social responsibility and governance.