The Relevance of Sustainable Development and the Application of ESG Principles in the Strategy of Industrial Enterprise Management

Abstract

The research aims to interpret the actualization of compliance with the sustainable development principles as an important element of the strategic development of industrial enterprises. In this research, the authors analyze the key ESG factors that are of great importance in of an enterprise’s sustainable development strategy. The introduction of world standards of the green economy is being updated, which will help reduce the burden on the ecosystem and improve the people’s well-being. According to the authors, contemporary business models should correspond to the pace of scientific and technological progress. The application of ESG principles allows enterprises to gain advantages over competitors, improve their reputation, and attract investments. Compliance with the ESG principles is a marker of a company’s long-term development. The authors popularize the concept of sustainable development as a purposeful, balanced (in terms of economic, environmental, and social indicators), and permanent development of the company, maintaining an optimal balance with the factors of the external and internal environment. The sustainable development agenda in Russia is relevant even in the face of the current difficult geopolitical factors and sanctions restrictions. An export-oriented country cannot ignore the general world standards and principles. According to the authors, compliance with the ESG principles is an integral part of the effective operation of an individual enterprise and the industrial sectors of Russia as a whole.