The European Union said on Tuesday it would tighten regulation of agencies providing environmental, social and governance (ESG) ratings, in an effort to improve standards in an industry which guides trillions of dollars towards companies deemed more ‘sustainable’.
“Today, the ESG ratings market currently suffers from a lack of transparency and the Commission is proposing a Regulation to improve the reliability and transparency of ESG ratings activities,” the European Commission said in a statement.
“New organisational principles and clear rules on the prevention of conflicts of interest will increase the integrity of the operations of ESG rating providers.”
The European Commission announced the plan as part of a package of new measures designed to encourage more sustainable investment.
Reuters
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