PwC Uzbekistan presents the results of the ESG awareness survey in the Eurasia region with data for Uzbekistan, Azerbaijan, Kazakhstan and Mongolia. This series of reports provides information on the results of implementing the ESG agenda in companies in each of these countries.
ESG plays a significant role in the long-term sustainability of businesses. Over the past few years in the region, we have observed the growing relevance of the ESG agenda, as well as the active involvement of companies in integrating ESG practices into business processes. This trend is primarily driven by innovations in public policies in countries that are increasingly focused on achieving the goals of the Paris Agreement and the UN SDGs, but also to the voluntary and conscious commitment of companies to sustainable practices of doing business.
Based on our findings, we highlight the growing relevance of the ESG agenda in the region as a whole. In Eurasia, there is a trend towards directly involving management in addressing ESG issues rather than creating separate internal corporate structures.
In Uzbekistan, ESG awareness is still at a developing stage. According to the survey results, companies demonstrate varying levels of awareness of ESG and sustainability. Thus, companies in Uzbekistan show a limited level of familiarity and understanding of key ESG concepts and trends. A significant share of companies (46%) indicated a good understanding of these trends and their impact on the organization, while the other group indicated a lack of understanding of key ESG aspects. Some respondents have only superficial knowledge of ESG concepts and trends.
There are certain challenges to implementing ESG: lack of experience and knowledge, legal and regulatory barriers and budget constraints. To overcome these challenges and promote ESG initiatives, companies expressed the need for regulatory support, financial assistance, as well as the development of technical knowledge and competencies in ESG management systems.
However, recent efforts by the Government of Uzbekistan in terms of regulations, such as the adoption of the “Strategy for the transition to a green economy for 2019-2030” (2019), “Program and action plan for the transition to a green economy and ensuring green growth for the period until 2030” (2022) and the decree “On approval of the National Development Strategy” (2022), the Green Taxonomy (2023), demonstrate a proactive effort of authorities to promote sustainable development practices in line with global trends.
Twenty-four companies from Uzbekistan, spanning various sectors such as finance, metals and mining, energy, retail and other sectors, participated in the ESG Awareness survey.
