In the context of the global transformation of economic systems and the increasing role of non-financial factors of sustainable development, ESG criteria are becoming a key tool for assessing regional development. In Russia, especially in regions with low investment attractiveness, such as the subjects of the North Caucasus Federal District, the task of identifying structural imbalances and forming "growth points" based on the integration of environmental, social and management practices is becoming urgent. The purpose of the study is to analyze the dynamics of socio-economic development of the regions of the Russian Federation in 2021-2024 through the prism of ESG assessments and investment attractiveness, with an emphasis on identifying barriers and opportunities for sustainable development, as well as evaluating the effectiveness of public-private partnership mechanisms and the role of backbone enterprises. In the course of the study, the analysis showed that the average ESG index for 85 regions of the Russian Federation in 2024 was 0.59, while block G (management) is significantly ahead of blocks E and S. The Republic of Dagestan, like most republics of the North Caucasus Federal District, remains at the "initial" level of ESG integration and demonstrates a decrease in investment attractiveness (IC9 group). At the same time, the republic has stepped up the use of PPPs and increased the financing of the investment program to 4.9 billion rubles in 2024, however, systemic constraints – lack of a project base, staff shortage and weak regulatory and institutional environment - are holding back progress. In conclusion, to increase the sustainability of regional economies, an integrated approach is required, combining the modernization of management practices, the development of infrastructure projects based on PPP and enhanced monitoring of backbone enterprises. Only the synchronization of federal and regional ESG and investment policies will make it possible to overcome structural imbalances and ensure long-term socio-economic development
socio-economic development, ESG criteria, investment attractiveness, regional policy, public-private partnership, sustainable development
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