Development and justification of a system of ESG indicators for sustainable development of SMES in Kazakhstan based on harmonization with European standards

With the global sustainability agenda gaining momentum, the importance of integrating ESG approaches into business assessment and regulation is growing. This issue is particularly relevant for small and medium-sized enterprises (SMEs), which, while being a key driver of economic growth, face institutional and resource constraints in implementing sustainability principles. The analysis of European Union practices allows us to identify ESG regulation priorities and identify opportunities for adapting them to national conditions. The aim of the study is to develop and scientifically substantiate a system of ESG indicators for the sustainable development of SMEs, adapted to the institutional conditions of Kazakhstan and applicable to assessing the effectiveness of state policy to support entrepreneurship based on harmonization with European standards.The scientific novelty of this study lies in its systematization and structuring of a system of indicators for the sustainable development of SMEs in Kazakhstan based on existing state programs, such as the "Business Roadmap" (BRM-2025) and the "Concept for the Development of Small and Medium-Sized Entrepreneurship in the Republic of Kazakhstan until 2030" (Concept for the Development of SMEs in the Republic of Kazakhstan), using an ESG approach. This revealed the predominance of economic and social indicators, while environmental and management indicators are insufficiently formalized. The value of this study lies in the development of a methodological framework for assessing the sustainability of SMEs. The practical significance of the results lies in the potential use of the proposed indicator system by government agencies and financial institutions to monitor, adjust, and improve the effectiveness of SME support measures in Kazakhstan.