Abstract
This study investigates how sustainable development indicators are shaped in the context of Kazakhstan. The focus is on the interrelationships between economic growth, dependence on the mining sector, and foreign direct investment. In addition, the analysis pays special attention to the impact of the principles of the “green” taxonomy and changes in the ESG direction on these processes. Using annual time-series data, the analysis employs the augmented Dickey–Fuller unit root test, Johansen cointegration methods, and long-run estimation methods, namely, fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS). The analysis showed that there is a long-term relationship between GDP, the level of mineral extraction, foreign direct investment and the SDG index. According to the results, economic growth and foreign investment contribute to improving sustainable development indicators, and this effect is statistically confirmed. Conversely, a significant share of the mining sector appears to be linked to an increase in the environmental burden associated with resource dependence, which has a negative impact in the long term. The absence of significant short-term causal relationships suggests that sustainable development indicators evolve through gradual structural and institutional changes rather than short-term fluctuations. These findings suggest that the sustainability of economic growth is influenced by its structural composition, with investment-led diversification and modernization enhancing playing a crucial role in achieving sustainable development goals, while the expansion of the mining sector may hinder this. The study highlights the need and importance of aligning economic policies with the principles of the “green taxonomy”, improving institutional frameworks, and promoting environmentally sustainable investments to support long-term sustainable development trajectories.