Specific Features of Implementing Concept of Sustainable Development in Russia

The article deals with implementation of the concept of sustainable development in the Russian Federation. It provides the author’s interpretation of the notion ‘sustainable development’, shows the correlation between the concept of sustainable development and ESG-concept and identifies factors affecting the rate of sustainable development. The author highlighted changes that took place in ecological and social components of the concept in Russia due to changes in geopolitical situation and showed companies that implement and develop ESG-agenda. Examples were given of upgrading institutional foundations of providing sustainable development in the country, such as elaborating strategies and initiatives in the field of sustainable development, introducing national taxonomy, launching green bonds, spreading ESG-credits; risks and challenges of introducing ESG-agenda were identified. Special attention was paid to green-washing classified as unfair competition and green-hashing – a result of ecologic initiative concealing because of fear of excessive control over company work. The article provides statistics of Russian companies’ adherence to ESG principles and shows current trends in the field of sustainable development.