THE ESG (ENVIRONMENTAL, SOCIAL, AND GOVERNANCE) CONCEPT IN MODERN ECONOMIC SCIENCE AND ITS ROLE IN SHAPING SUSTAINABLE DEVELOPMENT

Abstract

The assessment of the role of the ESG (Environmental, Social, and Governance) concept is an important task for ensuring sustainable socio-­ economic development and strengthening the resilience of modern economic systems. At the same time, within contemporary economic science, there remains a lack of unified methodological approaches that allow for a comprehensive and objective evaluation of the impact of ESG factors on sustainable development outcomes. In this context, it is particularly relevant to consider the interaction of environmental, social, and governance components, as well as the system of external and internal factors that either stimulate or constrain sustainable transformation processes. An important scientific challenge is the improvement of analytical tools, methods, and stages for assessing ESG implementation, taking into account current global economic, environmental, and institutional changes.

The study employs a set of theoretical and empirical methods that enable the achievement of the research objectives, including bibliometric analysis, statistical analysis, abstraction, synthesis, induction, and deduction. Bibliometric mapping using the VOSviewer tool is applied to identify key research trends and conceptual linkages in the scientific discourse on ESG and sustainable development. The empirical basis of the study relies on official statistical data from Eurostat, which reflect environmental and social dimensions of sustainable development, including greenhouse gas emissions, labour market indicators, and social inclusion metrics. The results of the study confirm that ESG principles play a significant role in enhancing the sustainability of economic systems, improving corporate resilience, and supporting long-term socio-­ economic stability. The integration of ESG factors contributes to environmental responsibility, social inclusion, and governance quality, which together form the foundation for sustainable development. Consequently, ESG performance requires systematic monitoring and quantitative assessment at both corporate and macroeconomic levels. The findings indicate an increasing need to develop and implement a new generation of public and corporate policies based on ESG principles, aimed at ensuring balanced economic growth, environmental protection, and social well-being. The proposed analytical approach may be useful for policymakers, investors, and corporate stakeholders, as it enables timely assessment of ESG impacts and supports the formulation of effective strategies for sustainable development in the future.