ESG Strategy and Corporate Performance in Kazakhstan’s Energy Sector: A Comparative Analysis of Leading Enterprises

Abstract

This study examines the relationship between Environmental, Social, and Governance (ESG) strategy adoption and corporate performance within Kazakhstan’s energy sector through a comparative analysis of six leading enterprises: Samruk-Kazyna, KazMunayGas, Samruk-Energy, Karachaganak Petroleum Operating (KPO), Tengizchevroil (TCO), and KazTransOil. Using a qualitative comparative case study approach grounded in secondary data from corporate sustainability reports, annual reports, and peer-reviewed academic studies, the research investigates how ESG governance frameworks, environmental performance metrics, technology adoption, and transparency mechanisms vary across state-owned and joint-venture enterprises. The findings reveal that while all examined enterprises have made measurable progress in emission reductions, resource efficiency, and governance reform, significant disparities persist in reporting frameworks, technology deployment, and investment scale. International joint ventures (KPO, TCO) demonstrate comparatively stronger environmental performance outcomes, whereas national champions (KMG, Samruk-Energy) exhibit more comprehensive strategic alignment with national carbon neutrality targets. The study also identifies greenwashing risks arising from inconsistent ESG ratings and limited standardisation. These results carry important implications for sustainable business strategy in resource-dependent economies.