Unprecedented sanctions pressure, the transformation of global market structures, and the need to implement technological sovereignty strategies necessitate a rethinking of current ESG approaches in the context of sustainable development. Despite the dynamic development of the ESG agenda at the global and national levels, the scientific community still lacks a unified position on the essence of the concept and an agreed-upon methodology for its implementation, which underlies the high scientific and practical significance of this study. The aim of this study is to systematize the key trends and challenges of the sustainable development agenda, identify the prerequisites for the formation and analysis of the ESG concept, and identify promising areas for research. The study utilized methods of systemic analysis and synthesis of scientific literature, content analysis of regulatory and strategic documents, a comparative analysis of global and national ESG initiatives, and a synthesis of academic and applied research on sustainable development. The prerequisites for the development of the ESG concept are systematized, and the evolution of its understanding is traced – from investment philosophy to strategic management imperative. It is revealed that the current status of ESG research is characterized by fragmentation and immaturity of both the basic concept and individual areas of its development: ESG rating methodology, ESG data disclosure standards, and ESG investment performance assessment. A multi-level system of factors determining interest in the ESG agenda in Russia is established, including the formation of a national ESG infrastructure and deeper integration within the EAEU, SCO, and BRICS. The results can be used by researchers, regulators, and corporate practitioners in developing local ESG strategies, rating methodology, and ESG information disclosure standards. The scientific community lacks a unified position on either the essence of the ESG concept or individual areas of its development, which is explained by the “immaturity” of its fundamental basis. Directions for further research include refining the ESG categorization framework, improving the methodology for rating and assessing the effectiveness of ESG investments, and developing local ESG approaches, standards, and practices taking into account national specifics.