ISSN-L: 0798-1015 • eISSN: 2739-0071 (En línea)
https://www.revistaespacios.com Pag. 45
Vol. 43 (08) 2022 • Art. 5
Recibido/Received: 25/01/2022 Aprobado/Approved: 30/07/2022 Publicado/Published: 15/08/2022
DOI: 10.48082/espacios-a22v43n08p05
ESG transformation of enterprises as an innovative trend in
the context of digitalization and the new normal
La transformación ESG de las empresas como tendencia innovadora en el contexto de la
digitalización y la nueva normalidad
MOROZOV, Mikhail A.
1
MOROZOVA, Natalia S.
2
Abstract
The article explores the trends in the development of the economy in the new normal, which are
associated with global digitalization and adherence to the principles of sustainable development. It has
been established that the most significant trends are the ESG transformation of enterprises and the
digitalization of core business processes. An analysis of digital technologies used in various fields of
activity was carried out in order to comply with ESG principles in the new normal. Russian enterprises
experiency and relationship with those trends are also discussed.
key words: global digitalization, sustainable development, digital technologies, ESG, innovation, new
normal
Resumen
El artículo explora las tendencias en el desarrollo de la economía en la nueva normalidad, que están
asociadas a la digitalización global y la adhesión a los principios del desarrollo sostenible. Se ha
establecido que las tendencias más significativas son la transformación ESG de las empresas y la
digitalización de los procesos comerciales centrales. Se realizó un análisis de las tecnologías digitales
utilizadas en diversos campos de actividad para cumplir con los principios ESG en la nueva normalidad.
La experiencia y la relacion de las empresas rusas con esas tendencias son también discutidas.
Palabras clave: digitalización global, desarrollo sostenible, tecnologías digitales, ESG, innovación, nueva
normalidad
1. Introduction
Currently, the key trends in the development of the economy in the new normal are associated with global
digitalization and adherence to the principles of sustainable development. The COVID-19 pandemic has taken a
toll on many businesses in various sectors of the economy, especially in the service and travel industries.
Digitalization acts as a driver of innovative development in all areas of socio-economic activity. The speed of
introducing digital innovations into the business processes of enterprises directly affects the level of their
1
Department of Hospitality, Tourism and Sports Industry, Plekhanov Russian University of Economics, Moscow, Russia, Department of Business
Technology, Russian New University, Moscow, Russia. Contact e-mail: mmorozov@bk.ru
2
Department of Business Technology, Russian New University, Moscow, Russia. Contact e-mail: sks@rosnou.ru
ISSN-L: 0798-1015 • eISSN: 2739-0071 (En línea) - Revista EspaciosVol. 43, Nº 08, Año 2022
MOROZOV M.A. & MOROZOVA N.S. «ESG transformation of enterprises as an innovative trend in the
context of digitalization and the new normal»
Pag. 46
competitiveness and investment attractiveness. Digitalization makes it possible to modify most of the business
models of enterprises and creates innovative opportunities for business development in the new normal (Digital
transformation…, 2021). It should be emphasized that the introduction of digital innovative technologies
significantly affects the value of companies.
The concept of ESG (Environment, Social, Governance) is directly related to the theory of sustainable
development and implies a responsible attitude to the environment (Environment), compliance with social
responsibility (Social), high quality corporate governance (Governance).
The main ESG factors include:
1) E-factors:
- climate change associated with the production and economic activities of enterprises,
- greenhouse gas emissions,
- growth of industrial waste,
- depletion of natural resources,
- reduction of natural reserves of drinking water,
- uncontrolled decrease in the area of forests,
2) S-factors:
- relations with employees and improvement of their working conditions,
- lack of discrimination and gender composition of the personnel of the enterprise,
- health protection of employees of the enterprise, labor and industrial safety,
- training and development of staff, increasing their involvement,
- the relationship of the enterprise with consumers and local communities,
- diversity and inclusiveness,
- relationships with suppliers (supply chains),
3) G-factors:
- enterprise management structure,
- long-term strategy of the enterprise,
- audit and internal control,
- management remuneration,
- business integrity,
- lobbying and corruption,
- transparency,
- rights of shareholders and relations with them.
ISSN-L: 0798-1015 • eISSN: 2739-0071 (En línea) - Revista EspaciosVol. 43, Nº 08, Año 2022
MOROZOV M.A. & MOROZOVA N.S. «ESG transformation of enterprises as an innovative trend in the
context of digitalization and the new normal»
Pag. 47
Compliance with the ESG principles in the activities of enterprises means:
- maximization of concern for the environment, including by reducing the harmful impact of the enterprise on
the environment (E-principle),
- high social responsibility, including improving the working conditions of the company's personnel, investing in
social projects, responsible attitude towards partners, consumers, suppliers and other market participants (S-
principle),
- improving the quality of corporate governance, including public reporting of the enterprise, improving
corporate culture, taking anti-corruption measures, etc. (G-principle).
ESG principles should cover all activities of enterprises, including technological processes, personnel
management, etc. It should be emphasized that for industrial enterprises with a large amount of harmful
emissions and waste that pollute the environment, the most attention should be paid to a responsible attitude
towards the environment. Environmental responsibility is also directly relevant for service and travel businesses
that bring their consumers into direct contact with the environment (Morozov & Morozova, 2018; Morozov et
al., 2018). For city-forming enterprises, which are the core of the regional economy, the S-principle of
participation in the creation of local infrastructure, which directly affects the quality of life, will be of the greatest
importance. The role of personnel and its competencies in solving the issues of ESG-transformation of service
enterprises and increasing its competitiveness is great.
For many countries, compliance with the ESG principles is the main condition for the innovative and sustainable
development of the national economy, which has determined the relevance of studying the ESG transformation
of Russian enterprises.
2. Methodology
The research methodology is based on a systematic approach, a dialectical method of studying economic systems
in the field of sustainable development, analysis of data on the activities of Russian enterprises and their
compliance with the principles of ESG. The problems of sustainable development of the economy and the
principles of ESG have been studied in articles (Altonar et al., 2022; Chernenko & Lyadova, 2021; Petrenko, 2020
and others). The use of digital technologies in the business processes of enterprises and their impact on
personnel are considered in the works (Frey & Osborne, 2017; Horvat et al., 2019; Dozortsev, 2021 and others).
The issues of responsible investment in the light of ESG principles have been studied in the works (Kachurina,
2021; Petrenko, 2020; Pilyugina & Lasunova, 2020; Terentiev, 2021 and others).
In order to identify approaches to assessing the ESG transformation of enterprises, an analysis was made of the
main ESG factors taken into account when calculating the ESG rating, the rating of Russian enterprises according
to RAEX-Europe was analyzed, and examples of sustainable development strategies implemented by large
Russian companies were considered. One of the most effective technological solutions for achieving ESG
principles is the digitalization of the main business processes of enterprises. To analyze digital innovative
solutions, various digital technologies were considered, including the Internet of things, robotization, artificial
intelligence, big data, virtual reality, machine learning and others, which made it possible to identify the main
possibilities of their application in solving the problems of ESG transformation of enterprises of various
industries.
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MOROZOV M.A. & MOROZOVA N.S. «ESG transformation of enterprises as an innovative trend in the
context of digitalization and the new normal»
Pag. 48
3. Results
Environmental, social and management programs of ESG-transformation of enterprises affect their long-term
value, and the presence of such programs is an indicator of quality management. Adherence to the principles of
ESG influences the financial stability and business reputation of an enterprise and how it is perceived by other
market participants, including financial institutions. Compliance with these principles provides access to
responsible investments, which are becoming increasingly popular in the financial environment. Integrating
ESG's environmental, social and governance factors into strategic investment decisions can bring shareholders
higher and more sustainable returns in the future.
An analysis of the activities of Russian enterprises showed that in 2021, 29% of Russian enterprises used ESG
indicators when assessing performance. Compliance with the ESG principles affects the ability to attract bank
loans and so-called green investments (Petrenko, 2020). Currently, more than 30% of Russian banks use ESG
criteria when making decisions on issuing loans.
To assess the level of implementation of ESG principles in world practice, special ESG ratings are used, which are
calculated by independent research agencies Bloomberg, S&P, Dow Jones Indices, JUST Capital, MSCI, Refinitiv,
etc. Ratings are calculated mainly for large companies in developed countries. The existence of a large number
of different ESG ratings leads to conflicting results when evaluating ESG projects, which complicates decision-
making for both institutional investors, banks and enterprises themselves. In this regard, the primary task is to
develop common international standards for assessment and rating, which will ensure the clarity and
unambiguity of ESG assessments.
A number of ESG indices are also calculated in Russia. In particular, the Russian Union of Industrialists and
Entrepreneurs (RSPP) calculates the following indices of sustainable development of enterprises:
- "Responsibility and openness" index, which evaluates the quality of public reporting,
- index "Vector of sustainable development", reflecting the dynamics of the main socio-economic and
environmental indicators.
In Russian practice, a number of other indices are used:
- the ERAX stock index, which characterizes the impact of the environmental component on the value of
enterprises in the stock market,
- rating "Social efficiency of the largest Russian companies", showing the social efficiency of enterprises for the
300 largest industrial, energy and transport companies in Russia,
- AK&M rating agency compiles the ESG rating of the Russian corporate sector,
- industry ratings of environmental openness are calculated for oil and gas, mining and metallurgical enterprises.
ESG ratings consist of three components: environmental rating (E), social rating (S) and corporate governance
rating (G). Table 1 shows the factors and sub-factors that are taken into account when calculating the ESG rating.
ISSN-L: 0798-1015 • eISSN: 2739-0071 (En línea) - Revista EspaciosVol. 43, Nº 08, Año 2022
MOROZOV M.A. & MOROZOVA N.S. «ESG transformation of enterprises as an innovative trend in the
context of digitalization and the new normal»
Pag. 49
Table 1
Factors taken into account when calculating the ESG rating
Factors
Sub-factors
Attitude towards the
environment
(Environment)
Natural resources
Water stress
Biodiversity
Energy use
Pollution
Waste management and recycling Formation of
contaminants Extended product responsibility
Changing of the climate
Carbon emissions
Vulnerability to climate change
General risks
Stakeholder engagement
Supplier chain
Environment capabilities
Renewable energy
Energy productivity
Climate adaptation
Portfolio of environmental
assets
Environmentally responsible investments
Portfolio of environmental loans
Social responsibility (Social)
Human capital
labor practices
Occupational health and safety
Attracting and retaining talent
Diversity and Inclusion
Local communities
Social benefits
Corporate social responsibility
Human rights
General risks
Supplier network
Social opportunities
Access to finance
Access to communications and logistics
Portfolio of social assets
Socially responsible investment
Social loan portfolio and access to financial services
Financial product responsibility
Corporate Governance
Organizational structure
Board structure and transparency
Property rights
Management of risks
Corporate behavior
Business ethics
Anti-competitive practices
Tax payment and transparency
In Russia, one of the most famous is the ESG rating calculated by the Expert RA agency (RAEX-Europe). This rating
is compiled monthly based on data from various public sources, including information about the company, news
feeds, and more. Table 2 shows the ESG ratings of Russian enterprises calculated in April 2022.
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MOROZOV M.A. & MOROZOVA N.S. «ESG transformation of enterprises as an innovative trend in the
context of digitalization and the new normal»
Pag. 50
Table 2
ESG ratings of Russian enterprises in April 2022
Company
Industry
Rank
ESG
Rank
E
S
G
Enel Russia
Energy
1
5
1
14
Polymetal
Metals&Mining
2
3
3
19
Credit Bank of
Moscow
Financials
3
1
22
11
NLMK
Metals&Mining
4
4
14
9
VimpelCom
Telecom
5
22
7
12
MTS
Telecom
6
42
8
1
LUKOIL
Oil&Gas
7
11
28
4
Severstal
Metals&Mining
8
9
5
31
Rosneft
Oil&Gas
9
12
9
16
Polyus
Metals&Mining
10
2
24
25
Phosagro
Chemicals
11
23
11
3
Uralkali
Chemicals
12
16
6
15
SIBUR Holding
Chemicals
13
14
12
8
Inter RAO
Energy
14
6
35
7
Sistema
Financial services
15
30
21
6
NOVATEK
Oil&Gas
16
8
16
28-29
SUEK
Metals&Mining
17
27
20
5
Moscow Stock
Exchange
Financials
18
40
38
2
Russian
Railways
Transport
19
20
10
43
Gazprom Group
Oil&Gas
20
10
31
41
Source: https://www.raexpert.eu/esg_corporate_ranking/
The first places in this rating were taken by the largest companies from the energy, metallurgical and mining
industries, the chemical industry, telecommunications, etc.
ESG ratings are beginning to play an important role in investment policy, as they are used to justify attracting
green and social investments (Kachurina, 2021). A high ESG rating for a business shows that it is responsible for
controlling and reducing greenhouse gas emissions, recycles waste, and conserves natural resources. For such
enterprises, special financing conditions are available, the loan rate is tied to the dynamics of the company's
sustainable development indicators, for example, under such conditions, the petrochemical company SIBUR
received a loan for $50 million from UniCredit Bank. In 2020, SIBUR developed and adopted a sustainable
development strategy until 2025, which provides for:
- environmental protection (E): reduction of waste by 50%, specific gravity of pollutants in wastewater by 40%,
water consumption by 5%,
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MOROZOV M.A. & MOROZOVA N.S. «ESG transformation of enterprises as an innovative trend in the
context of digitalization and the new normal»
Pag. 51
- Responsible social business conduct (S): 5% reduction in the injury frequency rate, doubling the proportion of
women in company management,
- quality of corporate governance (G): development of a circular economy, long-term preservation of the value
of products, materials, resources and minimization of industrial and household waste (Zhukova, 2021).
In the last decade, the key trend in the socio-economic development of the world community has been
associated with digitalization (Innovative and technological…, 2019). Digitalization has had a significant impact
on the development of the service sector (Morozov & Morozov, 2020). Until 2020, the popularity of ESG
transformation and digitalization was about the same, but in 2020-21, interest in ESG transformation has
skyrocketed.
Table 3 shows the popularity of ESG transformation and digitalization requests in different countries
Table 3
Popularity of requests for ESG and digitalization
Countries
ESG
Digitalization
Taiwan
88%
12%
Hong Kong
83%
17%
Denmark
73%
27%
Canada, UK
72%
28%
USA, Netherlands
71%
29%
France
68%
32%
Republic of Korea, Italy
67%
33%
Sweden, Singapore
64%
36%
Australia
58%
42%
Brazil
52%
48%
India
47%
53%
China
46%
54%
Russia
35%
65%
Japan
34%
66%
Source: https://trends.google.ru/trends/explore?date=today
%205-y&q=%2Fm%2F0by114h,%2Fm%2F0g5r88p
The highest number of ESG-related searches on Google came from Taiwan (88%), Hong Kong (83%), Denmark
(73%), Canada and the UK (72% each). This allows us to conclude that it is in these countries that ESG
transformation is given great attention and it has become the main ideology of sustainable development for
many enterprises.
The implementation of the ESG concept is closely related to digital technologies, which are the technological
basis for achieving ESG goals. Various digital technologies are used to implement ESG projects, including the
Internet of Things, robotization, artificial intelligence, big data, virtual reality, machine learning, etc.
Directions for the use of digital technologies in ESG projects:
- Industrial Internet of Things (IIoT) technologies provide control and management of technological processes
and harmful emissions generated by the production activities of an enterprise, they are used to monitor the
environmental situation, manage energy resources, etc.,
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MOROZOV M.A. & MOROZOVA N.S. «ESG transformation of enterprises as an innovative trend in the
context of digitalization and the new normal»
Pag. 52
- systems of environmental monitoring, video analytics, geopositioning make it possible to simulate the state of
atmospheric air online and, in case of deviations from the specified parameters, apply regulatory solutions,
- digital twins are virtual copies of real production facilities, they are used to test production and technological
processes to identify possible failures, emergencies, etc.,
- technologies for collecting and processing big data make it possible to build a system of predictive analytics and
predict possible failures and accidents in the operation of complex technological equipment,
- virtual reality technologies are used in the creation of VR simulators for training technical personnel, the
formation of professional competencies and skills for trouble-free operation, - corporate digital platforms ensure
the creation of a single information space of the enterprise to improve the quality of corporate governance.
An example of the use of digital technologies for ESG transformation is the petrochemical industry. Oil and gas
and chemical companies were among the first to get involved in the implementation of the ESG principles. Lukoil
receives 6% of its electricity needs from renewable sources, in particular, uses solar energy. Shell is using digital
technologies to make filling stations more efficient, safer and more environmentally friendly.
Virtual and augmented reality technologies, in particular, VR simulators, are being introduced at enterprises in
the petrochemical industry to develop safe production skills. They allow to improve the quality of employee
training, to consolidate the skills of behavior in case of equipment breakdown or disruption of the technological
cycle, etc.
Digital twins are created on the basis of industrial Internet of Things technologies with the connection of Big Data
analytics and provide 3D visualization of objects. This allows you to simulate the operation of equipment in
various, including critical and emergency conditions, provides monitoring and diagnostics of industrial systems.
Virtual digital twins can be created for individual products, technological processes, workshops or an industrial
enterprise as a whole. One of the main advantages of digital twins is that they allow you to check the algorithms
of equipment operation in advance in case of emergency situations. About 90% of all questions about the
performance of equipment are removed at the stage of checking its functioning on a digital twin. Digital twins,
being a computer model of a real object, are created on the basis of specialized digital platforms (Dozortsev,
2021). In Russia, from January 1, 2022, the national standard GOST R57700.372021 “Computer models and
modeling. Digital twins of products. General Provisions”, which defines the requirements for the creation and
use of digital twins. By 2024, it is planned to introduce digital twin technology at 250 Russian enterprises, 145
billion rubles have been allocated for this.
Currently, many Russian companies are engaged in the development and implementation of digital twins. The
greatest application of digital technologies is found in the automotive industry, mechanical engineering, aircraft
manufacturing, the oil and gas industry, and energy. Among the developers of digital twins, it should be noted
such companies as Russian Railways, Rosatom, Rostec, Gazpromneft, JSC Russian Helicopters, JSC UEC-Klimov,
PJSC UEC-Saturn and others. Developments to create an electronic twin are carried out by the Novocherkassk
Electric Locomotive Plant, which has created digital simulation models of the assembly, repair, and paint shops.
In the future, a 3D model of the enterprise will be created, which will simplify the launch of new types of products
and ensure the digitalization of key production units. Gazprom Neft has created a digital twin of the process of
lifting fluid from wells, which makes it possible to optimize the operation of wells, predict emergency situations,
and conduct a preventive assessment of the operation of the system in case of a change in its configuration.
Digitalization is the most important factor in sustainable development and implementation of the ESG
transformation. The processes of digital transformation and ESG transformation must be synchronized in order
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MOROZOV M.A. & MOROZOVA N.S. «ESG transformation of enterprises as an innovative trend in the
context of digitalization and the new normal»
Pag. 53
to obtain a synergistic effect. Recently, the term ESdiGital has been used in the scientific literature, denoting the
unity of ESG and Digital transformation.
The strategic ESG transformation of enterprises is carried out with the aim of increasing their long-term
competitiveness and resilience in the new normal. Enterprises are beginning to actively engage in ESG
transformation to ensure strategic competitiveness both domestically and globally.
The main areas of ESG transformation of enterprises include the following:
- modernization of physical assets to comply with ESG principles,
- implementation of a climate management system and management of greenhouse gas emissions,
- development and implementation of energy saving measures both at the level of individual production
operations, structural divisions, and the enterprise as a whole,
- transition to closed cycle technologies, efficient use of resources through their recycling within the framework
of biological and technological cycles, the use of renewable energy sources, reducing the negative anthropogenic
impact on the environment,
- inclusion of non-financial ESG information in the reporting of enterprises, etc.
At the moment, most large companies, when disclosing information about sustainable ESG development, are
guided by the reporting standards in the field of sustainable development (Global Reporting Initiative, GRI),
which contain a universal set of criteria for evaluating corporate activities aimed at ensuring sustainable
development.
However, unified standards for non-financial reporting have not yet been developed, there is no single
interpretation and understanding of what the ESG rating shows. A significant problem is the lack of mandatory
ESG reporting of enterprises in Russia. In July 2021, the Bank of Russia issued recommendations on the disclosure
of non-financial information related to the activities of public joint-stock companies (PJSCs). This reporting
includes information on the company's sustainable development strategy, social management, environmental
and social aspects of activities, relationships with employees, the fight against corruption, and so on. It should
be emphasized the increasing role of non-financial information for investors, who, in addition to the traditional
assessment of economic efficiency, began to pay attention also to the impact of the enterprise on the
environment and society. ESG transformation requires significant investment, including so-called responsible
investment, but obviously government support is needed to stimulate the ESG transition. Socially responsible
investment is the process of making investment decisions, in which, along with the traditional financial
assessment of the effectiveness of investments, the social and environmental consequences of the
implementation of these investments are considered (Ten & Pokushalov, 2021).
Responsible investment means the compliance of the investee with a certain set of social, environmental and
governance ESG criteria. Responsible investors aim to strike a balance between financial and public interests.
The new generation of investors prefers to finance mainly those companies that minimize environmental
damage, take care of the implementation of social norms for employees, i.e. adhere to the principles of ESG
(Pilyugina & Lasunova, 2020).
ESG's responsible investment tools make it possible to attract financial resources for the implementation of
projects aimed at preserving the environment and developing the so-called green economy. An example of
responsible green financing is the issue in December 2021 by Ecoline-Vtorplast of green bonds for 2 billion rubles.
In 2021, the public sustainable finance market in Russia has grown more than sixfold. Russian banks began to
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MOROZOV M.A. & MOROZOVA N.S. «ESG transformation of enterprises as an innovative trend in the
context of digitalization and the new normal»
Pag. 54
issue green loans with the lending rate tied to the ESG ratings of borrowing companies. The largest banks
Sberbank, VTB, Gazprombank, Russian Agricultural Bank and others have developed and are implementing
strategies for ESG lending to clients. However, at the moment, only 7% percent of Russian banks use ESG
principles, 67% are preparing to switch to ESG investment principles.
4. Conclusions
Thus, the transition of Russian enterprises to ESG strategies is objectively due to the sustainable development
policy that has been developed by the world community. Already now, companies that invest in their sustainable
development and share the principles of ESG are valued on average 10% higher than companies that do not
follow these principles. One of the most problematic issues is the search for sources for the implementation of
the ESG transformation of enterprises. ESG investment programs of enterprises are usually implemented at their
own expense, which is very burdensome from a financial point of view. However, foreign practice of such ESG
investments suggests that they pay off in the medium and long term. For Russian enterprises, such a source of
financing as green bonds and obtaining loans at special rates, taking into account ESG ratings, becomes available.
Banks also consider these instruments as promising and begin to actively develop them. In addition, ESG criteria
are becoming a prerequisite for enterprises to take the lead. In this regard, ESdiGital-transformation of
enterprises becomes a necessary condition for maintaining its competitiveness.
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