According to the results of a study conducted in April-May 2026, 63% of companies in Ukraine report that banks and investors take ESG criteria into account when making financing decisions – environmental sustainability, social responsibility, and effective corporate governance.
This is reported by Finway
Spread of Sustainable Development Practices in Ukrainian Business
At a briefing dedicated to the implementation of new European standards, the head of ESG Liga at the Association of Environmental Professionals (PAEW), Olga Semkiv, presented an analytical overview of ESG management practices in Ukraine. The study covered 133 representatives from various sectors of the economy. The survey aimed to determine how Ukrainian businesses are adapting their management systems to implement sustainable development principles, including environmental and social components, as well as corporate governance.
“We aimed to study the connection between the areas covered by ESG – namely environmental and social components – and the steps that Ukrainian businesses are taking to adapt their management systems to implement sustainable development practices. We surveyed experts who truly represent the viewpoint of Ukrainian business – managers and specialists engaged in sustainable development, ESG reporting, and risk management. Therefore, the results of the study are indeed indicative,” Semkiv assured.
The questions addressed during the study concerned the role of governing bodies, control systems in implementing ESG approaches, as well as the rewarding and defining of individual performance indicators (KPIs) for managers and executors involved in sustainable development practices.
Challenges and Prospects for Implementing ESG Standards
Analysts note that while investors, particularly European ones, are already considering the maturity of ESG practices in companies when making financial decisions, most Ukrainian enterprises have not yet integrated these principles into their management systems, financial planning, or management accountability. Only 7% of respondents indicated that their companies have formalized ESG goals, while 49% reported a lack of responsible individuals for sustainable development. Additionally, 72% of respondents stated that their companies have not defined individual KPIs for specific employees in the field of sustainable development.
Analysts conclude that even formally implemented ESG goals will have no real impact without personal responsibility and motivation of employees.
At the same time, among the key barriers to implementing ESG approaches, Ukrainian companies cited a lack of competencies and knowledge, the absence of clear methodological recommendations – in particular, Ukraine has not yet implemented the CSRD (EU Directive on Corporate Sustainability Reporting), as well as a lack of quality data.
Olga Semkiv emphasized that analyzing the readiness of Ukrainian business for ESG transformation is the first step before the full implementation of CSRD requirements in Ukraine. Further stages of the study are planned after the launch of new regulatory requirements when ESG issues become an integral part of financial and management processes.
For reference: CSRD is a new European Union directive that requires companies to ensure transparency in matters of environmental and social responsibility and corporate governance. It provides for the use of 12 common European reporting standards that establish disclosure requirements for hundreds of target indicators. These standards will also apply to Ukrainian companies that work with European partners or operate in the EU.