System for monitoring and assessing sustainable development in the regions

Background. The issue of sustainable regional development, encompassing environmental, economic, social, and governance components, is currently one of the most significant in the modern world. In this context, a system for assessing sustainable development is becoming increasingly relevant, and various tools, including sustainability indicators and ratings, are being actively developed. The theoretical foundation of this research delves into the principles of sustainable development. It scrutinizes current methodologies for evaluating regional economic structures, surveys the track record of analyzing Russian regions, and investigates diverse frameworks for gauging regional progress, such as the ESG model and the ECG rating prevalent in Russia. The findings highlight the potential for establishing a robust system to measure the efficacy and resilience of regional advancement. Purpose. The purpose of the research was to analyze theoretical and applied perspectives on formulating and evaluating sustainable regional growth, with the overarching goals of boosting their competitive edge and fostering economic prosperity and societal welfare. Materials and methods. The study utilizes general scientific methods, statistical approaches, structural-functional approaches, systemic and comparative methods allows for the achievement of the intended results and the formulation of research conclusions. Results. The concept of sustainable development is becoming increasingly relevant at the regional level of governance. In Russia, the transition to sustainable development is only possible with the balanced functioning of all federal entities, supported by regional strategic initiatives that take into account local circumstances and align with national goals. As a result of this project, there is growing interest in the concept of sustainable development of the regional level of governance. Contemporary sustainable regional development implies balanced development across environmental, social, economic, and governance dimensions, which is directly linked to economic well-being and environmental protection. Based on the findings, the study showed some prospects for further research include analyzing Russian regional ratings, developing new indicators of sustainable development, and exploring the potential of the ESG approach and ECG ratings to more accurately assess regional sustainability.