Stimulation as a Factor of the Effectiveness of the Integration of ESG Principles into Economic Practice

The paper analyzes the risks and contradictions arising in the process of integrating ESG principles into economic practice, which reduce the effectiveness of activities aimed at achieving sustainable development goals. The contradictions of economic interests of subjects of economic relations directly and indirectly related to the implementation of the ESG agenda are systematized, which, in particular, include: contradictions between the interests of developed and developing countries; contradictions between current interests and long-term sustainable development goals that arise both for the state and business; contradictions around the ESG agenda regarding the reproductive aspect; as well as the contradictions associated with each of the three ESG factors. The article reveals the mechanism and functional features of stimulation of economic entities directly involved in the implementation of the sustainable development agenda. The role of traditional values and the concept of best available techniques (BAT) in ensuring the sustainability of the ESG rating system is shown. It is recommended to take into account that specific methods of stimulation depend on the nature of contradictions of economic interests. In the context of subjective contradictions, the task of stimulation is to prevent them or eliminate the factors that led to them. In the case of the manifestation of objective contradictions, inevitable by their nature, the stimulation consists in focusing on the harmonization of the economic interests of their participants and finding a compromise in the process of their implementation.