INVOLVEMENT OF ESG IN THE FOUNDATION OF RESPONSIBLE FINANCIAL DECISIONS
INVOLVEMENT OF ESG IN THE FOUNDATION OF RESPONSIBLE FINANCIAL DECISIONS

Summary/Abstract: The topic we address in this research is highly topical and is of concern to all governments at the highest scientific, environmental, decision-making, and financial levels. The major challenge we face today is climate change, which is one of the greatest threats to the environment, the social framework, and the economic framework. The effects of climate change are increasingly visible globally and can be seen with the naked eye in the intense heat waves, droughts, floods, and fires that have been caused in recent years. There is therefore an urgent need to take effective and accelerated action to reduce greenhouse gas (GHG) emissions. The European Green Deal recognizes the crucial role of taxation in the transition to a green economy, and this could lead to the implementation of various financial instruments that can be significant in meeting the proposed targets. One such instrument is environmental taxes, also known as green taxes. Although these taxes have been introduced to reduce pollution, these fiscal measures have not always had the desired effect. In addition, the existence of the 'polluter pays' principle means that large sums of money collected for the budget 'overlook' the serious effects of climate change. Also, the existence of contradictory results in the studies analyzed leads us to undertake our statistical investigation.

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