The increasing role of social factor for applying the ESG concept in crisis conditions

Abstract

Implementing the ESG techniques, also known as sustainable development or corporate social responsibility, can significantly increase the effectiveness of corporate and government management in the long term. The article addresses the key factors of the sustainable development concept, considering the three elements - ecological (environmental protection), social development, and economic growth. The materials of the article demonstrate the evolution of the «sustainable development» concept in international relations and present the actual methods of ESG used both in Russia and abroad. The author revealed the increasing influence of the social («S-factor») as well as the creation and optimization of a new corporate culture on the quality of the management processes during the global financial, economic, and geopolitical crisis. The article provides recommendations on the use of techniques and practices of environmental and social management in the public and business sectors. The analysis revealed systemic interconnections between achieving the sustainable development goals, as a core concept promoted by the UN, and using progressive practices of environmental and social management in business and public administration.