Investing in well-being: experiences of implementing the ESG agenda by Russian oil and gas companies

Abstract

The article is devoted to the study of the role of ESG policy in ensuring environmental well-being of oil and gas regions of the Russian Federation. In the framework of scientific research the main problems of its implementation were identified: commercial interpretation of ESG policy, lack of a transparent system of evaluation criteria and management remuneration, lack of a developed market infrastructure allowing to use ESG policy as a tool of competitive advantages. Prospects for increasing the role of ESG policy in providing environmental well-being of oil and gas regions of the Russian Federation: 1) development and implementation by the sector regulator of ESG policy code for oil and gas companies; 2) popularization of ESG methodology among oil and gas companies by putting them on a separate quotation list of PJSC Moscow Exchange; 3) national technological audit of development strategies of oil and gas companies with attraction of experts from venture capital sphere, marketing agencies for development of road maps; 4) formation of a national library of the best practices in the field of green technologies and greening of activities; 5) financial support for innovation infrastructure facilities (technoparks, technopolises, business incubators), focused on the development of import substitution in the field of green technologies.