ESG-transformation of Russian regions: theoretical aspects

The paper considers the theoretical aspects of sustainable development and ESG transformation of Russian regions. The research substantiates a systematic approach to the balanced development of regions as socio-ecological and economic systems. The concept of sustainable development and regional ESG transformation correlates to the concept of regional economic security, economic growth, human and social capital development. In our opinion, a systematic reproductive approach is the most productive in solving many problems of regional socio-economic development. Moreover, it could consider the following issues of regional ESG transformation: a six-stage scheme of social reproduction: «science – production – distribution – exchange – consumption – utilization»; natural-economic-institutional-social reproduction chain. One of the aspects of the reproductive approach is the concept of sustainable development and the ESG agenda. However, in terms of economic theory and philosophy, four types of «transformational connections» can be distinguished: interaction, relationships, institutions, and management decisions. The regional sustainable development, the achievement of high indicators of its socio-economic development is presented as a balanced interaction of three components: economy, social sphere, and ecology. Russian scientists consider regional ESG transformation in terms of economic security, regional economic growth, and increasing its attractiveness, development of technological potential, improvement of the institutional environment, and competencies of managers at all levels in the field of sustainable development and ESG.