Investment mechanisms of ESG transformation: from corporate governance to infrastructure projects

 In the context of the growing importance of sustainable development, the integration of ESG principles is becoming a key direction in the transformation of the tourism industry, influencing both corporate governance and the investment component of tourism infrastructure. This study is devoted to identifying the managerial challenges faced by Russian tourism companies in implementing ESG approaches, as well as to developing practical tools and models that ensure the strategic adaptation of the tourism sector to the new agenda. In the new model of company management, special attention is paid to client-centricity as a connecting element between social responsibility, economic sustainability, and the investment attractiveness of projects. In the investment dimension, the development of modular collective accommodation facilities that comply with ESG strategy principles acquires particular importance. The study examines the features and challenges of modular hotel development, the correlation between modular accommodations and glamping as a modern form of ecological tourism infrastructure, as well as the investment mechanisms for their growth. The aim of the paper is to develop approaches for integrating ESG principles into company management models and the development of the tourism market infrastructure. Managerial barriers to ESG transformation in the Russian tourism sector have been systematized, international and domestic cases of implementing sustainable practices analyzed, and recommendations prepared for companies and public authorities on the institutionalization of ESG. The results show that successful ESG transformation requires managerial initiative, coordination of company actions with state and regional authorities, and investments in innovative and modular infrastructure, creating a foundation for sustainable tourism development in Russian regions. 

1. Voinova Ya.A., Mishulina S.I. ESG Transformation as a Tool for Managing Sustainable Tourism Development. Russian Regions: Looking Into the Future. 2024;11(3-4):34-51. (In Russ.). EDN: INWWJG.

2. Vitkovskaya N.G., Ukhina T.V., Sarkisov L.S. Tourism Development Influenced By ESG Principles.

3. Humanities, Social-Economic and Social Sciences. 2024;4:196-200. (In Russ.). https://doi.org/10.23672/SAE.2024.4.4.008. EDN: NYFNRC.

4. Bril G., Kell G., Rashe A. Sustainable Investing: A Navigator Through the World of ESG. Moscow: Alpina PRO, 2024. 576 p. (In Russ.).

5. Galazova S.S. Influence of ESG-Factors on Sustainable Development of Companies and Financial Performance of Corporate Sector. Vestnik of Rostov state University (RINH). 2018;4:81-86. (In Russ.). EDN: LFGNUH.

6. Kalyuzhnova N.Ya., Koshurnikova Yu.E. Changing the Paradigm of Company Management in the Hospitality and Tourism Industry in the Transformation Economy. In: Industriya gostepriimstva i turizma: sovremennye vyzovy i resheniya. Materialy Mezhdunarodnoi nauchno-prakticheskoi konferentsii = Hospitality and Tourism Industry: Current Challenges and Solutions. Proceedings of the International Scientific and Practical Conference. 09–10 April 2025, Irkutsk. Irkutsk; 2025. P. 78–84. (In Russ.). EDN: WYOPCD.

7. Kalyuzhnova N.YA., Lidin K.L., Sharafutdinov V.N. The Image of Russia as a Factor in Tourism Competitiveness: Monograph. Irkutsk: Irkutsk State University Press, 2012. 216 p. (In Russ.). EDN: RSLTAT.

8. Kalyuzhnova N.Ya., Shirokolobova G.V. Main Features and Problems in the Development of Glampings in the Irkutsk Region. In: Bulletin of the Faculty of Business Communications and Informatics of Irkutsk State University. Irkutsk: OOO "TsentrNauchServis", 2023. P. 65–79. (In Russ.). EDN: CBTLWC.

9. Koshurnikova Yu.E. Turology. First Steps in Your Dream Profession. Moscow: Litres, 2025. 130 p. (In Russ.).

10. Matveeva M.V., Peshkov V.V., Kozma M.V. Assessing Risks and Opportunities Associated with ESG Factorsin Investment Projects. Proceedings of Universities. Investment. Construction. Real estate. 2024;14(3):474-486. (In Russ.). https://doi.org/10.21285/2227-2917-2024-3-474-486. EDN: ZKPGWH.

11. Morozov M.A., Kovalchuk A.P. Directions of ESG-Transformation of Business Processes In the Hospitality Industry. Gorizonty ehkonomiki. 2023;3:58-65. (In Russ.). EDN: YWVKCI.

12. Kaz E.M., Krakovetskaya I.V., Nekhoda E.V., Redchikova N.A. Business Models of Companies and Sustainable Development. Tomsk: National Research Tomsk State University, 2020. 214 p. (In Russ.). EDN: HVXEPN.

13. Rubanova N.I., Rassokhina T.V., Saar V.S., Shagarov L.M. Problems of Implementation of the Principles of Sustainable Development and Concepts of Green Economy in the Hotel Enterprises of the Russian Federations. Vestnik RMAT. 2023;2:11-20. (In Russ.). EDN: FNKYYU.

14. Golubev A.P. Socially Responsible Investments in Foreign Practice. Innovation & Investment. 2018;6:3741. (In Russ.). EDN: CGITKJ.

15. Erokhina T.B., Khakimova M.D. Concept of Sustainable Growth (ESG) As a Tool for Attracting Investors. Vestnik of Rostov state University (RINH). 2022;1:29-34. (In Russ.). https://doi.org/10.54220/v.rsue.19910533.2022.90.65.003. EDN: FINWDZ.

16. Lvova N.A. Responsible Investments: Theory, Practice, Prospects for the Russian Federation. Scientific Journal NRU ITMO. Series Economics and Environmental Management. 2019;3:56-67. (In Russ.). https://doi.org/10.17586/2310-1172-2019-12-3-56-67. EDN: RQWXWY.

17. Brche M.A., Omelchenko I.N., Shaab A. Sustainable Development: Implementation Mechanisms. Moscow: Bauman Moscow State Technical University (National Research University), 2020. 172 p. (In Russ.). EDN: CLXDRL.

18. Sviridov D. Sustainable Tourism: How ESG is Changing the Travel Industry. RBC. Trends. 2022. Available from: https://trends.rbc.ru/trends/green/6304d1ab9a7947265b31deec [Accessed 21 June 2025]. (In Russ.).

19. Starikova E.A. Implementation of the ESG Agenda in the Activities of SMES in Russia. Economics and Management: Problems, Solutions. 2024;4(5):107-115. (In Russ.). https://doi.org/10.36871/ek.up.p.r.2024.05.04.015. EDN: LPQXOK.

20. Starkov R.F., Tsydendambaeva A.B. Life without Plastic Bags. In: Baikal Science: Ideas, Innovations, Investments. Irkutsk: Publishing house of Irkutsk National Research Technical University, 2019. P. 20–25. (In Russ.). EDN: OQDFBH.

21. Petrenko L.D. ESG-Criteria in the Investment Decision-Making Practice. International Research Journal. 2020;11-2:100-102. (In Russ.). https://doi.org/10.23670/IRJ.2020.101.11.050. EDN: LZONTB.

22. Polyushko Yu. Business Processes in a Hotel. Ekaterinburg: Publishing Solutions, 2024. 170 p. (In Russ.).

23. Sharonov A., Dubovitskaya E. Sustainable Development. How to Ensure Business Growth and Create Long-Term Value. Moscow: MIF, 2025. 292 p. (In Russ.).

24. Legendre T.S., Ding A., Ki-Joon Back A Bibliometric Analysis of the Hospitality and Tourism Environmental, Social, and Governance (ESG) Literature. Journal of Hospitality and Tourism Management. 2024;58:309-321. https://doi.org/10.1016/j.jhtm.2024.01.003.

25. Agekyan A. Genius Loci: How the Alliance of Government, Business, and Community Transforms Cities. Moscow: Alpina PRO, 2025. 240 p. (In Russ.).

26. Agieva M.T., Belyavskii G.I., Gorbaneva O.I., Danilova N.V., Zemlyakova I.A., Korolev A.V. et all. Theory of Sustainable Development Management of Active Systems: Models and Applications. Monograph. Rostovon-Don: Southern Federal University, 2024. 330 p. (In Russ.). EDN: AUTNIN.