Analysis and recommendations for businesses regarding ESG standards

On October 8, an online presentation of an analytical document with recommendations for implementing ESG (Environmental, Social, Governance) standards for Ukrainian businesses was held. Representatives of the Green Transition Office (GTO) shared up-to-date recommendations and practical advice aimed at helping businesses achieve environmental, social, and governance goals that contribute to sustainable development.

During the event, ESG expert Oleksii Yatsiuk from the Green Transition Office emphasized the importance of an analytical approach to implementing ESG standards in Ukraine, highlighting their impact on business development and competitiveness. According to him, the research findings demonstrated the significance of integrating sustainability principles for the effective operation of companies in today’s world.

“During the presentation, we reviewed research results that showed how integrating ESG principles enhances business resilience and competitiveness. Implementing these standards is not only an ethical choice but also an economically sound decision,” he said, adding that ESG principles provide businesses with additional benefits, such as access to new markets and funding sources.

Yatsiuk also stressed that adopting ESG is part of Ukraine’s commitments on its path to EU membership. According to him, this requires Ukrainian companies to adapt to high European standards of sustainable development and corporate governance.

“We are on the verge of significant changes that will bring new opportunities for businesses adhering to ESG principles,” he added.

In Ukraine, the UN Global Compact offers businesses acceleration programs on climate, human rights, and anti-corruption, along with guidance on mandatory reporting.

As Tetiana Sakharuk, CEO of the UN Global Compact in Ukraine and Chair of the Regional Networks Council for Eastern Europe and Central Asia, stated:
“Ukrainian businesses operating today deserve great respect. We are proud of companies that are already reporting globally and see their readiness to implement ESG standards. This is not just a formality but a real necessity because our country’s future depends on it.”

In this context, Andrii Kitura, Development Director of DiXi Group and Head of the Green Transition Office, underscored the importance of preparing businesses for upcoming environmental reforms in Ukraine. According to him, adapting to new standards is a vital part of the country’s economic strategy.

“We live in a time when environmental reforms are no longer just a future idea but a pressing task of the present,” he emphasized. This adaptation will help businesses not only meet new regulations but also become more resilient and competitive in today’s conditions.

Kitura also noted that the Green Transition Office provides comprehensive support to companies in adapting to new environmental standards. This includes consultations, information sessions, and expert assistance aimed at preparing businesses for the challenges posed by environmental reforms.

All speakers agreed that implementing ESG standards is an urgent necessity for Ukraine’s successful integration into the EU. Their recommendations and clarifications will help businesses effectively integrate ESG principles, ultimately contributing to the development of individual companies and the country as a whole.

The full text of the study can be accessed via the provided link.

The Green Transition Office is an independent advisory body under the Ministry of Economy of Ukraine, assisting in implementing reforms in green transition, energy, and climate policies. The Green Transition Office operates with financial support from the UK Foreign, Commonwealth & Development Office and is implemented by the NGO “DiXi Group.”