“We are witnessing a certain shift, a transformation towards efficiency and effectiveness. ESG factors are transforming business. In principle, the subject matter is the same: companies are, and have been for a long time, engaged in climate, ecology, labour protection, and industrial safety. However, the pressure from customers, investors, consumers, and the government has increased significantly, and as such, focus on these issues has also grown”, said Dubovitskaya on RBC-TV.
As she pointed out, the focus is now more on practical application than when the term “sustainable development” was first introduced, with metrics and indicators now in the three areas of ESG: environmental, social, and corporate governance.
As Dubovitskaya noted, exporters and companies with a wide range of investors have to first think about ESG, because they are gradually ceasing to invest in assets not meeting the standards in this area.
Russian consumers are also becoming more particular about what products they buy and consume and what services they use. Studies show about 50% of Russian consumers say they are not indifferent to the environmental and climate agenda. This establishes the premise that consumers are willing to pay a little more for products made by more responsible manufacturers.
In large businesses, the ESG agenda reaches the level of senior executive management and boards of directors, under which sustainable development and ESG committees are created and effectively run.
As Dubovitskaya noted, SKOLKOVO Business School captures the constant demand for ESG education.
“The demand is quite high, and it comes from different positions and different audiences. From the owners of medium-sized businesses and board members, there is also now a growing demand regarding these particular issues. This is all due to the fact that there is the understanding that these issues are important and need to be dealt with, but maybe somewhere within their companies, there is a gap in knowledge and expertise”, the director added.
As she notes, the Russian public’s general interest in ESG is also growing every day.
See the full version of the RBC-TV broadcast with Elena Dubovitskaya here.
