Maxim Timchenko: Environmental, social and corporate governance — new bedrock for business

Maxim Timchenko: Environmental, social and corporate governance — new bedrock for business


A field of wind turbines belonging to DTEK Renewables, the biggest player in Ukraine's renewable energy market. The Cabinet of Ministers is trying to resolve a crisis in this sector by getting renewable investors to agree to a tariff cut in exchange for the government paying back its outstanding debts to their companies.

What will the world look like for future generations?

And more importantly, what can we do now to secure the best possible future for them?

Quite rightly, society expects more from businesses than just paying taxes. They also have to take responsibility for the environment we live in now — for the future.

Corporate leaders will be measured not just by profits, but by how quickly and seriously they adopt environmental, social and corporate governance criteria — abbreviated as ESG — as the basic principles behind their daily decisions.

This is a global movement that we at DTEK are proud to be part of. Just as Ukrainian businesses have united to fight COVID-19, companies from all over the world are united in their long-term efforts to contribute to the sustainable development of society and the economy — particularly in education, medicine, ecology, clean energy, and responsible consumption.

Throughout its 15-year history, DTEK has invested $12 billion in energy and sustainable development. Programs like Energy Efficient Schools, Let’s Play!, Your Hometown Begins with You, and Academy DTEK — all are based on ESG principles, and have been recognized for their quality at the international level.

But there are still so many challenges facing society that require attention, and which will need the support of the state and the private sector to solve. That’s why we at DTEK are going further, focusing on the swift development of renewable energy, modernization of grids and energy efficiency, combined with ensuring a just transition for communities in Ukraine’s coal regions.

We are the first Ukrainian business to have embedded ESG criteria into our corporate strategy, contributing to the nation’s future. Through continued action in these areas, we believe that DTEK will be a successful example of responsible leadership for Ukrainian businesses, and beyond.