During the conference "Emerging Markets 2022" (EMC) two important events were held, united by the theme of ESG — the panel "ESG agenda for IB studies" and the round table "How climate and ecology affect firms’ strategies and GVCs?". Events were organized by the Center for Russian Multinationals and Global Business at GSOM SPbU.

Professor Andrei Panibratov, Doctor of Economics, Director of the Center for Russian Multinationals and Global Business of GSOM SPbU, addressed the participants of the round table with a welcoming speech. In his speech, he briefly spoke about the importance and objectives of the research project " Climate Challenges and Development of Sustainable Value Chains in Northern Europe: Opportunities and Competitiveness of Firms in Northwest Russia". The Center's team has been working on this project since April 2022 with the support of the Russian Science Foundation (RNF).

The round table was devoted to the discussion of the interim results of the project. The moderator of the round table was Daria Klishevich, a laboratory researcher at the Center and a graduate of the GSOM SPbU's postgraduate program. Daria Klishevich presented an overview of theoretical approaches to the study of MNC strategies in response to the changing climate agenda and noted that existing research focuses on MNCs from developed countries, while growing markets have their own unique specifics that require comprehensive study. MNCs from countries with emerging economies demonstrate a trend of involvement in the environmental agenda, but the economies of such states are still quite dependent on traditional energy sources.

Associate Professor of the Department of Strategic and International Management of GSOM SPbU, researcher of the Center Olga Garanina presented approaches to the analysis of ESG strategies of companies with state participation. The importance of state-owned enterprises in the modern world, including the ones in strategic industries, requires an analysis of specific factors determining the trajectory of the ESG turnaround in sectors of the economy where the role of the state is traditionally high.

In the course of the research, the team of the Center came to the conclusion that the ambition of ESG transformations is closely related to the institutional environment of the country of origin and country-specific regulations and policy goals in relation to the Sustainable Development Goals (SDGs). Abdul-Kadir Ameyaw, a lecturer at the FAU College of Business at Florida Atlantic University, USA, a doctoral student at GSOM SPbU and a researcher at the Center stressed that corporate responsibility and ESG principles should be considered not only as a systematic activity to take into account the interests of its stakeholders, requiring additional costs, but also as a special form of social capital, the use of which gives an economic effect in the form of growth future profitability of the business.

The greatest interest in the discussion was aroused by questions about the impact of the environmental agenda on the short- and long-term goals of companies, as well as the role of MNCs in creating conditions for sustainable development in the countries of presence, including in developing countries.

The round table fount finds its logical conclusion in the discussion of issues and proposals for further research, support of initiatives related to ESG principles in the context of research in the field of international business.

To continue the topic development, the Center invites representatives of companies with an environmental focus on sustainable development to cooperate in order to build a constructive dialogue.

The study was supported by the RSF grant No. 22-28-20430, https://rscf.ru/en/project/22-28-20430/