About this consultation
- Consultation period
4 April 2022 - 10 June 2022 (midnight Brussels time)
- Topics
Financial services, sustainable finance, credit rating agencies
- Departments
Target group
The main stakeholders identified are
- ESG rating providers
- CRAs
- investors
- companies
- public authorities including supervisors
- civil society including NGOs, academics
Other interested stakeholders are welcome to contribute.
Objective of the consultation
The targeted consultation on environmental, social, and governance (ESG) ratings and sustainability factors in credit ratings is an integral part of the renewed sustainable finance strategy adopted in July 2021. Both credit ratings and ESG ratings are opinions provided by specialised entities and used by financial institutions and professional investors.
ESG ratings generally assess the impact of environmental, social, and governance factors on a company and a company’s impact on the outside world. Credit ratings assess the creditworthiness of companies or financial instruments by providing an opinion on the risk of default of a company.
This consultation will help the Commission gain a better insight on the functioning of the market for ESG ratings, as well as better understand how credit rating agencies (CRAs) incorporate ESG risks in their creditworthiness assessment. Responses from market participants will feed into an impact assessment that will evaluate whether a possible policy initiative on ESG ratings and on sustainability factors in credit ratings is needed. These actions are expected to contribute to the achievement of the European green deal objectives by improving the quality of information on which basis investors, businesses and other stakeholders take decisions impacting the transition to a sustainable economy. We encourage all interested.
How to submit your response
Please note that in order to ensure a fair and transparent consultation process responses should be submitted through the online questionnaire.
Consultation outcome
Summary report
- 3 AUGUST 2022
Contributions to the consultation
- 14 JUNE 2022
- 14 JUNE 2022
Reference documents
- 4 APRIL 2022
- 4 APRIL 2022
Related links
- Call for evidence accompanying this consultation
- EU labels for benchmarks (climate, ESG) and benchmarks’ ESG disclosures
- Regulating credit rating agencies