Britain to propose law regulating ESG raters
Written by Adam Cadle
08/08/2024
Britain is to propose a law next year to regulate ESG raters.
Finance Minister, Rachel Reeves, wants to cement Britain as a world leader in sustainable finance, starting by addressing the lack of transparency behind ESG ratings.
“Rachel Reeves has asked the Treasury to respond quickly to an industry consultation on a new regulatory regime for ESG rating providers and bring forward legislation next year,” the Ministry said.
“The new approach will boost growth, help deliver a cleaner economy and ensure that companies in critical sectors like defence are not penalised by opaque ratings.”
The UK Sustainable Investment and Finance Association (UKSIF) said regulation should help open a "black box", as providers can sometimes come out with vastly different ratings on the same company, causing confusion for investors.
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