EVALUATION OF ESG PRACTICES IN RUSSIAN OIL AND GAS COMPANIES AND THEIR CONTRIBUTION TO SUSTAINABLE DEVELOPMENT
DOI:
https://doi.org/10.18623/rvd.v23.n1.4246Keywords:
ESG, Oil Industry, Sustainable Development, Social Responsibility, Corporate SustainabilityAbstract
The purpose of the article was to examine how ESG (Environmental, Social, and Governance) criteria are applied to oil companies and highlight the need for industry-specific evaluation methods that better reflect their contribution to sustainable development. Authors used methods as comparative analysis of existing ESG rating methodologies, focusing on their limitations in assessing the oil industry. The study identifies key factors such as climate impact, resource use, and social responsibility that require greater integration into evaluation frameworks. Although ESG ratings are central to assessing investment attractiveness, current models often overlook the specific environmental and operational features of oil companies. This research addresses that methodological gap. Existing ESG systems can distort the sustainability profile of oil companies. Developing more tailored and transparent methods would improve rating accuracy and strengthen trust among investors and society. The paper outlines a conceptual basis for adapting ESG assessment models to industry characteristics, promoting fairer and more reliable sustainability evaluations.
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