Visiting Fellow Talk: Improving ESG and Green Finance Practices by Private Firms in Central Asia: Gaps, Risks, and Opportunities

On November 22, 2024, from 11:30 AM to 12:30 PM, Dr. Roman Vakulchuk delivered an insightful talk addressing the state of Environmental, Social, and Governance (ESG) practices among private firms in Central Asia. Private firms in Central Asia need to enhance their efforts to promote sustainable environmental practices and better reflect on their own environmental, social and governance performance. He highlighted that while the awareness of potential ESG benefits is increasing, many firms still fall short adopting effective instruments to measure firm’s carbon footprint, comprehensive risk management systems and foresight tools.

During his presentation, Dr. Roman revealed significant gaps in ESG understanding and implementation among firms in Central Asia. He underscored the risks that firms face when failing to adopt ESG policies and outlined the opportunities available to those who integrate these frameworks into their operations. To address these challenges, he advocated for greater knowledge-sharing initiatives and capacity-building efforts, which would enable businesses to better manage risks and capitalize on ESG-driven opportunities for resilience and growth.

The talk has contributed to advancing discussions about green finance and sustainable environmental practices among private firms across Central Asia, an area that has received only limited expert and scholarly attention thus far. By sharing actionable insights and highlighting the need for forward-thinking ESG strategies, he also outlined efforts to foster a more responsible and resilient private sector, helping pave the way for sustainable development in the region.