SETTING ESG STANDARDS IN THE BANKING SECTOR: NEW OPPORTUNITIES IN ENVIRONMENTAL SUSTAINABILITY

In this article, the author describes the specifics of ESG transformation in the banking and financial sectors associated with the introduction of new rules of economic and corporate behavior. In Russia, the experience of using ESG banking is a fairly new phenomenon compared to countries that have long been involved in issues of sustainable economies, but in recent years this concept of banking has become a trend for many banks. Systemically important banks have begun to develop in the direction of ESG principles, becoming conductors of this approach for the activities of smaller banks and financial institutions.
The subject of the study is ESG banking and ESG transformation. The purpose of the study is to reveal the technology for introducing ESG banking and the concept of green finance in countries that have defined sustainable development goals.
In order to study the fundamentals of ESG banking, an abstract-logical deduction method was used; The structural analysis method was used to identify the problems of the green economy and the below-mentioned trends in sustainable development, which led to the popularization of ESG banking and its components, as well as to consider the theoretical and practical provisions for solving the problems of climate change and strengthening gender equality, which have become the main goals of social and environmental sustainability among banks that have signed up to the Responsible Banking Principles around the world; The systematization method was used when considering the determination of a number of indicators.
The result of the study was the identification of problems in implementing the principles of sustainable development and the ESG approach in the modern global space. It can be stated that the Russian Federation is no exception to the general rules, and solving many ESG problems is a priority for the country in the field of sustainable development. The entire international community is building its socio-economic development around these initiatives. A sound strategy for setting ESG standards in an environment of environmental sustainability will help to monitor the development of regulatory risks in the banking sector to identify, assess and monitor them. Based on the analysis, the author comes to the conclusion that the ESG market in Russia must undergo several major changes to further integrate its criteria into the Russian economy.

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