ESG LABLE project by the Moscow Government
ESG ecosystem is still in its formative stage in Russia. A lack of unified national ESG guidelines, a lack of regulatory support for ESG initiatives, and insufficient financial incentives for companies to commit to SDGs all contribute to this problem. The ESG label service was established by the Moscow Government as a cornerstone for the national ESG ecosystem. By providing a standardized framework for evaluating and certifying ESG practices, this service aims to encourage corporate commitment to sustainability through financial incentives, and foster sustainable development across the country. Companies undergo a meticulous assessment process based on three key aspects: "Environmental", "Social" and "Governance".
Climate And Environmental Technologies
Climate adaptation solutions
Methodological&approval of the ESG evaluation concept were undertaken in collaboration with various authorities&the ESG expert community over two years. An analysis of 10 certifications from USA, Japan, and India formed the basis of the ESG evaluation methodology. Among them were B Corp Certification (USA), Y-SDQ (Japan), Green Business Certification (USA). 2 ratings a license from Costa Rica were reviewed, as well as ratings from Taiwan and the USA. Special attention was given to certifications&ratings from the BRICS, EAEU, the Asia-Pacific regions. The analysis focused solely on certifications&ratings with fully disclosed methodologies, excluding those with insufficient transparency.
The service was launched in Moscow however it is available for organizations operating in any region of Russia.
ESG label advantages: • Free of charge: The service available to all organizations, regardless of size or industry. • The ESG assessment phase lasts for up to 10 days, ensuring a fast and transparent process • The certificate is issued for three years, with annual renewal required. • After assessment, companies receive a report detailing key ESG risks and providing customized recommendations for future improvement in their ESG practices.
1st place in ratings by SGM agency, An expert and analytical platform for sustainable development infrastructure and finance «Infragreen»; National Award - “Headliners of ESG Principles”: Award winners are recognized for their efforts to transform businesses to be more sustainable and environmentally friendly. Competition - “Best ESG Manager”: This competition highlights outstanding managers who have demonstrated excellence in implementing ESG strategies within their organizations. Sustainable practices and ESG-related initiatives are highlighted in this program. Recognition - “Successful ESG Practitioners”
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