turanВестник университета «Туран»Bulletin of "Turan" University1562-29592959-1236Университет «Туран»10.46914/1562-2959-2026-1-2-604-617turan-5618Research ArticleТРИБУНА МОЛОДОГО ИССЛЕДОВАТЕЛЯPLATFORM OF YOUNG RESEARCHERМеждународные модели регулирования ESG-интеграции и передовая практикаInternational regulatory models of ESG integration and best practiceshttps://orcid.org/0009-0002-1931-6737БакироваБ. А.BakirovaB. A.

докторант

г. Алматы

PhD student

Almaty

25263017@turan-edu.kzhttps://orcid.org/0000-0002-0671-1503ПоспеловаТ. В.PospelovaT. V.

к.э.н., доцент 

г. Москва

с.е.s., аssociate рrofessor

Moscow

pospelova_t@mail.ruhttps://orcid.org/0000-0001-7119-7400ЕлшибаевР. К.ElshibayevR. K.

к.э.н., ассоциированный профессор

г. Алматы

с.е.s., associate professor

Almaty

rakymzhan.yelshibayev@bk.ruhttps://orcid.org/0000-0001-8891-3522МухамеджановаА. А.MukhamedzhanovaA. A.

PhD, ассоциированный профессор

г. Астана

PhD, associate professor

Astana

Dimash.dos@gmail.comУниверситет «Туран»КазахстанTuran UniversityKazakhstanНациональный исследовательский университет «Высшая школа экономики»РоссияNational Research University “Higher School of Economics”Russian FederationУниверситет НархозКазахстанNarxoz UniversityKazakhstanEsil UniversityКазахстанEsil UniversityKazakhstan20261607202602604617Copyright © Бакирова Б.А., Поспелова Т.В., Елшибаев Р.К., Мухамеджанова А.А., 20262026Бакирова Б.А., Поспелова Т.В., Елшибаев Р.К., Мухамеджанова А.А.Bakirova B.A., Pospelova T.V., Elshibayev R.K., Mukhamedzhanova A.A.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://vestnik.turan-edu.kz/jour/article/view/5618

В условиях формирования глобальной климатической повестки и широкого распространения концепции устойчивого развития принципы ESG (Environmental, Social, Governance) превращаются в центральные критерии международных инвестиционных решений. Цель исследования – провести системный анализ моделей ESG-регулирования, сложившихся в ЕС, США и странах Азиатско-Тихоокеанского региона, определить критерии их эффективности и предложить гибридную регуляторную модель для Казахстана. Основные направления исследования: сравнительный анализ обязательных и добровольных стандартов раскрытия информации; изучение содержания и эффективности стандартов SFDR, CSRD, EU Taxonomy, ISSB S1/S2; рассмотрение ESG-практик ведущих корпораций (Ørsted, DBS Bank) в формате кейс-стади; оценка регуляторной среды Казахстана на основе SWOT-анализа. Научная значимость работы состоит в разработке новой типологии моделей ESG-регулирования через матрицу «мандаторное пространство – институциональные возможности» с учетом региональной специфики. Регрессионный анализ подтвердил положительную связь между обязательностью ESG-регулирования и эффективностью компаний (β=0,42, p<0,01); уровень институциональных возможностей выступает модерирующим фактором. Практическая значимость – в предложении поэтапной дорожной карты внедрения гибридной регуляторной модели на 2024–2031 гг. для МФЦА, АРРФР и крупных компаний. Результаты исследования вносят конкретный вклад в совершенствование государственной политики в области развития зеленых финансов.

Against the backdrop of a global climate agenda and the widespread adoption of sustainable development concepts, ESG (Environmental, Social, Governance) principles are becoming the central criteria of international investment decisions. The purpose of the study is to systematically analyse ESG regulatory models established in the EU, the USA and the Asia-Pacific region, identify criteria for their effectiveness, and propose a hybrid regulatory model for Kazakhstan. The main research directions include: comparative analysis of mandatory and voluntary disclosure standards; examination of the content and effectiveness of SFDR, CSRD, EU Taxonomy and ISSB S1/ S2 standards; case-study analysis of leading corporations’ ESG practices (Ørsted, DBS Bank); and assessment of Kazakhstan’s regulatory environment based on SWOT analysis. The scientific significance of the work lies in developing a new typology of ESG regulatory models through a ‘mandatory space – institutional capacity’ matrix that accounts for regional specifics. Regression analysis confirmed a positive relationship between the mandatory nature of ESG regulation and company performance (β=0.42, p<0.01); the level of institutional capacity acts as a moderating factor. The practical significance lies in proposing a phased roadmap for implementing a hybrid regulatory model for 2024–2031 for the AIFC, ARDFM and major companies. The results make a concrete contribution to improving public policy in the field of green finance development.

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The authors declare that there are no conflicts of interest present.