Realisation of ESG principles in million-plus cities under the sanctions regime: Is there an alternative?

¹ Birmingham City University, 15 Bartholomew Row, Birmingham B5 5JU, United Kingdom
² Institute of Economics of the Ural Branch of the Russian Academy of Sciences, 29 Moskovskaya St., Ekaterinburg 620014, Russia

^* Corresponding author: ponomareva.ao@uiec.ru

Abstract

The purpose of the article is to highlight the importance of maintaining a commitment to ESG (Environment, Social, Governance) principles in the economy of major cities even under the sanctions regime. The research methodology is based on the theories of sustainable and spatial development. The methods of comparative, statistical and structural analysis have been used. The study hypothesises that Russia, even in the current conditions, has due prerequisites for the development of its cities based on ESG principles of economic management. The analysis of the ecological situation made it possible to justify the need for non-alternative observance of ESG principles in urban agglomerations. It is shown that the adherence to these principles will be largely determined by the quality and efficiency of the developed municipal economic policy. It is proposed to devise a special section on municipal industrial policy within the framework of the regional industrial policy, with a view to systematising administrative and incentive measures for the realisation of the ESG agenda for million-plus cities. The research results can be useful in amending socio-economic development strategies for Russia’s major and biggest cities.