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Decarbonization: Challenges and opportunities for Russia in the context of responsible investing

ISSUE 2, FEBRUARY 2026

Received: 26 September 2025

Accepted: 5 November 2025

Available online: 26 February 2026

Subject Heading: INVESTING

JEL Classification: G11, G41, M14, Q56

Pages: 171-188

https://doi.org/10.24891/inadtc

Mariya Yu. ZAV’YALOVA Saint-Petersburg State University (SPbSU), St. Petersburg, Russian Federation
maria.zavyalova@bk.ru

ORCID id: not available

Subject. The role of responsible investment as a driver of decarbonization in the Russian economy.
Objectives. To identify the links between the level of transparency in ESG ratings and the volume of responsible investments.
Methods. General scientific approaches (analysis, data synthesis) and specific economic-mathematical tools, including graphical analysis, were applied.
Results. An analysis of existing ESG assessment methods was conducted, identifying their advantages, disadvantages, and risks. It was established that sanctions restrictions necessitate the development of a new ESG methodology. An author’s ESG assessment method was proposed, providing a comprehensive analysis and accounting for the impact of ESG factors and the transparency of the ratings themselves on the volume of ESG investments. The conditions under which the implementation of the author’s method is possible were defined. The hypothesis of a positive correlation between the level of ESG rating transparency and the volume of attracted ESG investments was confirmed.
Conclusions. The findings lay the groundwork for effectively adapting to global trends and unlocking Russia’s economic potential. Future research will focus on studying the impact of the proposed method on companies’ long-term sustainability and competitiveness in the global market. The conditions for its implementation in Russia were identified, including through cooperation with EAEU countries.

Keywords: responsible investing, decarbonization, ESG assessment

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