This article analyses the importance of ESG risk management and corporate accountability, drawing on globalcases to identify lessons relevant for Uzbekistan. The study examines how weak ESG oversight can generate regulatory,financial, and reputational risks, using the Volkswagen Dieselgate scandal as a key example. The topic is timely givenUzbekistan's growing integration into global capital markets and its adoption of ESG frameworks. The methodology isbased on a review of international best practices, regulatory standards, and comparative case analysis. Findings showthat effective ESG control mechanisms-particularly independent verification and strong corporate culture-significantlyreduce risks. The author concludes that building robust ESG governance is critical for strengthening investor trust andlong-term competitiveness. The novelty lies in connecting global ESG risk failures with Uzbekistan's institutional contextand outlining mechanisms to prevent similar vulnerabilities.