In 2024, the environmental, social, and governance (ESG) scores of the largest banks worldwide varied markedly across different score providers. **************, the largest bank globally in terms of market capitalization, showed a wide range of scores: when standardized to a score out of 100, the highest score was given by MSCI, at ****, and the lowest by S&P Global (previously RobecoSAM), at **, while the score from Sustainalytics had a value of **. With only one green bond issued since December 2020, JPMorgan Chase ranked tenth among the leading banks worldwide by value of green bond issuance. Growing commitment to sustainability Banks worldwide are increasingly recognizing the importance of sustainability in their operations. The Net-Zero Banking Alliance, launched in 2021, has grown to include *** members as of September 2024, with the majority located in Europe. This initiative demonstrates the banking sector's commitment to aligning their operations with the goal of achieving net-zero emissions by 2050. Members are required to set interim targets and provide annual progress reports, indicating a shift towards more transparent and accountable sustainability practices in the industry. ESG scores and their growing role in investment decisions ESG scores measure a company's exposure to long-term environmental, social, and governance risks. These non-financial factors are a growing concern for investors worldwide, and many of them now integrate ESG data in their investment decision-making to have a positive impact on the environment and society. As a result, the assets of ESG funds worldwide increased considerably in recent years, reaching a value of *** billion U.S. dollars in 2023. ESG factors cover a broad spectrum of sustainability criteria, but environmental concerns are still the main drivers of ESG investing. Despite rising pressure on companies to decrease their impact on the environment, the carbon dioxide emissions of the largest banks worldwide are still far from sustainable.

According to an academic study conducted in 2020, the main reasons for divergence between scores provided by five of the major environmental, social and governance (ESG) ratings agencies is because of scope and measurement. Scope refers to which issues are factored into the score, while measurement is how these performance on these issues is quantified. Based on 2017 data, there was an average of *** standard deviations between providers for these two categories. However, it should be noted that the same study with 2014 data showed average values of **** for scope and **** for measurement, indicating the latter may be slightly more of a reason for ESG score divergence. The weight placed on each issue did not have as much of an effect, with an average of **** standard deviations.

The ESG frameworks included in the study were Sustainalytics, Vigeo, RobecoSAM, Asset4 and MSCI.

Our impact valuation data allows investors to measure, value and benchmark impacts of business activities across Natural, Human and Financial Capital KPIs.

Presented in the form of economic values, GIST's approach gives investors a common yardstick by which to understand materiality fully and accurately, so that they can manage risks, identify hidden alpha, and make informed decisions to stay ahead of the curve.

Investors can use our ESG data to screen potential investments, manage and track ESG performance across their portfolios, and clearly communicate materiality across all ESG dimensions.

Why use GIST's impact valuation data?

1. Measure all impacts of a company on shareholders and society - not just carbon / environmental impacts GIST calculates a company's impact across all four capitals - Natural, Human, Social and Financial, covering 18 main KPIs and 350+ sub-KPIs. Analysts are looking for as much data as possible on hidden alpha - and GIST provides coverage across all material impacts of a company's activities that might present a future risk - or an opportunity.

2. Compare easily across different metrics GIST uses scientific and economic modelling to provide accurate calculations of the impacts of a company in economic terms - providing a $ value of the impact on stakeholders and society. Analysts find themselves trying to make sense of fundamentally different metrics - parts per million of air pollution, tonnes of GHG emissions, gallons of water consumed, m2 land use change. GIST allows apples-to-apples comparison by converting all these different impacts into $ values (which are geography-specific), so you can understand the relative size of a company's air pollution impacts against its water consumption impacts, for example.

3. Benchmark performance across a portfolio, and within and across sectors Most sustainability scores, ratings and rankings evaluate companies within their sectors. This creates artificial distinctions and makes it difficult for analysts to measure how a company is performing in absolute terms (compared to relative grading). GIST calculates absolute impact, measured in $ values, to provide a simple, straightforward analysis that can be applied within sectors, and across sectors, to compare all the companies in a portfolio against each other accurately and make informed decisions.

4. Identify and manage material risks More traditional views of ‘risk’ have typically focused on the direct risk to a company’s P&L, and its ‘produced’ or ‘financial’ capital. These are risks that come from environmental dependencies (e.g. logistics companies threatened by storms/cyclones, agricultural companies threatened by crop failure, etc.) GIST takes a broader view and also measure risks that come from impacts of a company - not just what affects a company’s P&L directly, but what affects assets of society (natural, social, human capital) and is therefore an externality at risk of eventually being internalized - through regulation or otherwise. Assets in the oil and gas industry that have been a stranded as a result of regulatory and legal action are a good example of this risk becoming reality.

5. Understand how impact changes based on location GIST uses a granular, location-specific approach which means that with location data for activities (e.g., air pollution, waste), we can calculate the impact on shareholders and society based on local context - environmental, ecological, health, socioeconomic and demographic, so we can make more accurate estimates for example for a city in Ghana vs. a city in Sweden. As disclosure is expected to increase dramatically in the next 2 years, GIST's methodology is equipped with a level of resolution that can provide insights that are constantly increasing in precision.

The ESG (Environmental, Social, and Governance) services market is experiencing robust growth, driven by increasing regulatory pressures, heightened investor awareness of sustainability risks and opportunities, and a growing demand for transparent and responsible business practices. The market, estimated at $50 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 15% from 2025 to 2033, reaching approximately $150 billion by 2033. This expansion is fueled by several key trends, including the rise of ESG investing, the increasing adoption of ESG reporting frameworks (such as SASB and GRI), and the development of sophisticated ESG data analytics and software solutions. Major players like MSCI, S&P Dow Jones Indices, and Sustainalytics are driving innovation within the sector, expanding their offerings to cater to the diverse needs of companies and investors. However, challenges remain, including the lack of standardization in ESG metrics and reporting, the complexity of data collection and analysis, and concerns about the reliability and comparability of ESG data across different companies and industries. These factors contribute to the market's restraints. The segmentation of the ESG services market is broad, encompassing rating and scoring services, data analytics and software solutions, consulting and advisory services, and assurance and verification services. Regional differences in regulatory frameworks and investor preferences contribute to variations in market growth. North America and Europe are currently leading the market due to established regulatory landscapes and high ESG awareness among investors. However, Asia-Pacific is anticipated to experience significant growth in the coming years, driven by increasing government regulations and growing investor interest in sustainable investments. The competitive landscape is dynamic, with both established financial data providers and specialized ESG consultancies vying for market share. The market’s growth trajectory necessitates continuous improvement in data quality, the development of standardized metrics, and increased collaboration between stakeholders to foster a more efficient and reliable ESG data ecosystem.

The ESG (Environmental, Social, and Governance) Ratings market is experiencing robust growth, driven by increasing investor demand for sustainable investments and stricter regulatory scrutiny of corporate social responsibility. The market, currently valued at approximately $2 billion in 2025, is projected to expand significantly, with a Compound Annual Growth Rate (CAGR) exceeding 15% through 2033. This growth is fueled by several key factors, including the rising awareness of climate change and its financial implications, the increasing prevalence of ESG integration in investment strategies, and the growing pressure from stakeholders, including consumers and employees, for greater corporate transparency and accountability. The diverse range of ESG ratings, including issue-specific, category-specific, and general scores, cater to varied investor needs and regulatory requirements, fostering market expansion. Key application areas like supervision, investment, and communication further fuel market demand across various sectors. Growth is particularly strong in regions like North America and Europe, where regulatory frameworks and investor awareness are more advanced, though emerging markets in Asia-Pacific are also showing significant potential. While the market shows immense promise, challenges remain. Data reliability and consistency across different rating providers present a hurdle for investors. Methodological differences and a lack of standardization create inconsistencies in ESG scores, potentially leading to confusion and limiting the market's overall efficacy. Moreover, the cost of obtaining and maintaining high ESG ratings can be substantial for companies, potentially hindering smaller businesses' participation. The ongoing evolution of ESG standards and regulations also presents a dynamic landscape that requires continuous adaptation from both rating providers and investors. Nevertheless, the long-term outlook for the ESG Ratings market remains positive, driven by the continued growth of sustainable investing and the increasing demand for transparent and accountable corporate behavior. The market's future success will depend on addressing existing challenges, fostering standardization, and developing robust methodologies that accurately reflect ESG performance.

ESG Reporting and Consultancy Market Outlook

The global market size for ESG Reporting and Consultancy was valued at approximately USD 2.5 billion in 2023 and is projected to reach around USD 8.7 billion by 2032, growing at a robust CAGR of 14.5% from 2024 to 2032. The upward trend is driven by increasing regulatory requirements and stakeholder pressure on organizations to embed sustainability into their business operations.

One of the primary growth factors for the ESG Reporting and Consultancy market is the rising awareness among corporations about the importance of sustainability and social responsibility. Stakeholders, including investors, customers, and employees, are increasingly demanding transparency in environmental, social, and governance (ESG) practices. This shift has compelled organizations to adopt comprehensive ESG reporting mechanisms to maintain their reputation and attract investment. Furthermore, regulatory bodies across the globe have started mandating ESG disclosures, which has significantly propelled the market growth.

Another crucial driver is the growing recognition of the financial benefits associated with robust ESG practices. Companies with strong ESG profiles often experience better risk management, enhanced operational efficiencies, and improved long-term financial performance. Consequently, businesses are investing in ESG consultancy services to develop and implement effective sustainability strategies. This trend has opened up new avenues for ESG consultancy firms to offer specialized services tailored to different industry needs.

Technological advancements also play a significant role in the expansion of the ESG Reporting and Consultancy market. The integration of artificial intelligence (AI), blockchain, and big data analytics into ESG reporting frameworks has enabled more accurate, efficient, and transparent data management. These technologies assist organizations in collecting, analyzing, and reporting ESG data, thereby simplifying compliance processes and enhancing overall reporting quality. As technology continues to evolve, its adoption in ESG reporting is expected to witness substantial growth, further driving the market.

Regionally, North America holds a significant share of the ESG Reporting and Consultancy market, driven by stringent regulatory frameworks and high stakeholder awareness. Europe follows closely, with the European Union's robust sustainability reporting standards acting as a major growth catalyst. The Asia Pacific region is anticipated to exhibit the highest growth rate during the forecast period, bolstered by increasing regulatory initiatives and growing corporate focus on sustainability. Latin America and the Middle East & Africa are also expected to witness steady growth, albeit at a slower pace compared to other regions.

As the ESG Reporting and Consultancy market continues to expand, the role of ESG Certification has become increasingly important. ESG Certification serves as a benchmark for organizations striving to demonstrate their commitment to sustainable practices. By obtaining certification, companies can validate their ESG efforts, enhancing their credibility and appeal to environmentally and socially conscious investors. This certification process involves rigorous evaluation of a company's environmental, social, and governance practices, ensuring they meet established standards. As more businesses seek to align with global sustainability goals, the demand for ESG Certification is expected to rise, further stimulating growth in the consultancy market.

Service Type Analysis

The ESG Reporting and Consultancy market is segmented by service type into reporting, consulting, data management, and others. The reporting segment is anticipated to dominate the market, driven by the increasing need for standardized and transparent ESG disclosures. Companies are seeking comprehensive reporting solutions to meet regulatory requirements and stakeholder expectations. Reporting services involve the collection, analysis, and presentation of ESG data to provide a clear picture of an organization's sustainability performance. This segment is expected to witness significant growth as more companies recognize the importance of transparent reporting.

The consulting segment is also poised for substantial growth, as organizations seek expert guidance to develop and implement effective ESG strategies. ESG consultants offer specialized knowledge and

The initial sample of this study covers the A-share companies listed on the Shanghai and Shenzhen stock exchanges during the period 2008-2020. We then screened and processed the initial sample data, including (a) Screening for companies with both RepRisk's ESG rating and Bloomberg's ESG rating. Specifically, the selection is based on samples with the same ISIN code and companies' English names in the Bloomberg and RepRisk lndex (RRI) databases. The ISIN code is a securities coding standard developed by the International Organization for Standardization (ISO) and is a unique code used to identify securities in each country or region around the world. We exclude samples that do not provide ISIN codes or have inconsistent English names. (b) We exclude observations with missing values for the main variables. (c) We exclude the ST, *ST and PT trading status samples during the observation period. Our final sample contains 1352 firm-year observations.The ESG disclosure score data and ESG performance score data required for the ESG-washing construction are respectively obtained from the Bloomberg database and the RepRisk Index (RRI) database of the Wharton Research Centre for Data Studies (WRDS). Positive media coverage data is sourced from the China Research Data Services Platform (CNRDS), while the instrumental variable (IV_population) is obtained from the EPS database and Juhe Data (https://www.gotohui.com/). Unless otherwise stated, all other data in this study are from the China Stock Market and Accounting Research (CSMAR) database. Data on executive company changes were collected manually by the authors back-to-back and independently. Then we compared and reconciled the data collected by each, and where there were discrepancies, we again collected and calibrated the data to maximize their reliability. We first obtained executive biographies from the CSMAR database, and the missing values were retrieved from Sina Finance ( https://finance.sina.com.cn/). Due to the unstructured nature of the resume data, we manually processed more than 30,000 resumes of executives to get the data of executives' company changes, based on which we calculated the per capita number of job hops of all executives in each company. The number of part-time jobs held by executives also reflects their pursuit of career changes and development, so in the robustness test the per capita mean of the number of part-time jobs held by executives is used as a proxy variable for careerist orientation. These data can be obtained directly from the CSMAR database.

ESG Ratings Market size was valued at USD 2.02 Billion in 2023 and is projected to reach USD 6.59 Billion by 2031, growing at a CAGR of 18.3% during the forecasted period 2024 to 2031. Global ESG Ratings Market Drivers The market drivers for the ESG Ratings Market can be influenced by various factors. These may include:

• Regulatory Pressure and Compliance: Governments and regulatory bodies are increasingly mandating ESG disclosures and transparency. This regulatory push is driving companies to obtain ESG ratings to comply with new regulations and avoid potential penalties. • Investor Demand: There is a growing demand from investors for ESG-compliant investments. Institutional investors, such as pension funds and asset managers, are increasingly incorporating ESG criteria into their investment decisions to align with their own sustainability goals and manage risks associated with environmental and social factors.

Global ESG Ratings Market Restraints Several factors can act as restraints or challenges for the ESG Ratings Market. These may include:

• Lack of Standardization: The absence of standardized methodologies for ESG ratings can lead to inconsistencies in ratings across different agencies. This lack of uniformity can undermine the credibility and comparability of ESG ratings. • High Costs: Implementing and maintaining ESG rating systems can be costly for organizations, especially for smaller firms or those in developing regions. The costs involved in data collection, analysis, and reporting can be a barrier to entry and adoption.

Five small files contain daily index data for volatility and implied volatility of EURO STOXX 50, EURO STOXX 600 (only volatility data) and FTSE 100. This was collected from Refinitiv EIKON.The large file contains ESG ratings of all European companies, and the adjusted daily prices of most of these companies. The ESG ratings were collected from Refinitiv EIKON. The adjusted daily prices were collected from Yahoo Finance!.

Until the fourth quarter of 2023, the S&P 500 and the S&P 500 ESG index exhibited similar performance, both indexes were weighted to similar industries as the S&P 500 followed the leading 500 companies in the United States. Throughout 2024, the S&P 500 ESG index steadily outperformed the S&P 500 by ***** points on average. During the coronavirus pandemic, the technology sector was one of the best-performing sectors in the market. The major differences between the two indexes were the S&P 500 ESG index was skewed towards firms with higher environmental, social, and governance (ESG) scores and had a higher concentration of technology securities than the S&P 500 index. What is a market capitalization index? Both the S&P 500 and the S&P 500 ESG are market capitalization indexes, meaning the individual components (such as stocks and other securities) weighted to the indexes influence the overall value. Market trends such as inflation, interest rates, and international issues like the coronavirus pandemic and the popularity of ESG among professional investors affect the performance of stocks. When weighted components rise in value, this causes an increase in the overall value of the index they are weighted too. What trends are driving index performance? Recent economic and social trends have led to higher levels of ESG integration and maintenance among firms worldwide and higher prioritization from investors to include ESG-focused firms in their investment choices. From a global survey group over ********* of the respondents were willing to prioritize ESG benefits over a higher return on their investment. These trends influenced the performance of securities on the market, leading to an increased value of individual weighted stocks, resulting in an overall increase in the index value.

EVA (Economic Value Added) is an established standard in measuring, analyzing, projecting, valuing, and discounting a firm’s underlying economic profit rather than its accounting profit. The EVA platform allows investors to parse through thousands of companies globally with comparable accounting adjustments to drive informed investment decision making on a systematic basis. With coverage of approximately 21,000 public companies, this solution enables investors to measure, analyze, and value corporate performance and inform investing decisions.

Founded in 2006 and acquired by ISS in 2018, EVA provides investment professionals insight to determine the quality and valuation of a portfolio company.

The EVA Framework: a powerful platform & framework that converts accounting profits into economic profit

• Superior to traditional measures of profit: EVA cuts through accounting distortions and charges for the use of capital • Consistent, transparent framework: EVA is comparable across companies, industries and countries • Style agnostic: provides an unbiased view of Quality, Value, and Growth investment opportunities • Leading indicators: EVA metrics are predictive of future stock prices

EVA in the Investment Decision Process:

• Screening and Idea Generation: narrow the universe of investible ideas to those that are likely to outperform using an objective investment framework that is effective regardless of investment style. • Single stock and multiple stock analysis: analyze the overall EVA profitability of a company, the choices management made to drive that EVA, and value the company with unique metrics. • Portfolio analysis: View a fund’s exposure to EVA relative to benchmark.

EVA data is typically derived from company filings, as well as ongoing event-driven data updates as reflected in public disclosure, press releases and company web sites. In addition, ISS subscribes to a number of critical, paid data services that is also factored into the EVA analysis.

Data is used by a broad range of institutional investors, asset managers, asset owners, fund managers, banks, government institutions, universities and research firms.

################################################################################################## THE FILES HAVE BEEN CREATED BY SZILÁRD ERHART FOR A RESEARCH: ERHART (2021): ESG RATINGS OF GENERAL # STOCK EXCHANGE INDICES, INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS# USERS OF THE FILES AGREE TO QUOTE THE ABOVE PAPER# THE PYTHON SCRIPT (PYTHONESG_ERHART.TXT) HELPS USERS TO GET TICKERS BY STOCK EXCHANGES AND EXTRACT ESG SCORES FOR THE UNDERLYING STOCKS FROM YAHOO FINANCE.# THE R SCRIPT (ESG_UA.TXT) HELPS TO REPLICATE THE MONTE CARLO EXPERIMENT DETAILED IN THE STUDY.# THE EXPORT_ALL CSV CONTAINS THE DOWNLOADED ESG DATA (SCORES, CONTROVERSIES, ETC) ORGANIZED BY STOCKS AND EXCHANGES.############################################################################################################################################################################################################### DISCLAIMER # The author takes no responsibility for the timeliness, accuracy, completeness or quality of the information provided. # The author is in no event liable for damages of any kind incurred or suffered as a result of the use or non-use of the # information presented or the use of defective or incomplete information. # The contents are subject to confirmation and not binding. # The author expressly reserves the right to alter, amend, whole and in part, # without prior notice or to discontinue publication for a period of time or even completely. ###########################################################################################################################################READ ME############################################################# BEFORE USING THE MONTE CARLO SIMULATIONS SCRIPT: # (1) COPY THE goascores.csv and goalscores_alt.csv FILES ONTO YOUR ON COMPUTER DRIVE. THE TWO FILES ARE IDENTICAL.# (2) SET THE EXACT FILE LOCATION INFORMATION IN THE 'Read in data' SECTION OF THE MONTE CARLO SCRIPT AND FOR THE OUTPUT FILES AT THE END OF THE SCRIPT# (3) LOAD MISC TOOLS AND MATRIXSTATS IN YOUR R APPLICATION# (4) RUN THE CODE.####################################READ ME

An analysis on how environmental, social and governance (ESG) scores are correlated with share market returns of companies worldwide between 2009 and 2019 shows a broad trend that:

companies with ****** ESG scores generate ***** returns than the average; while companies with ***** ESG scores generate ****** returns than the average.

However, while all ESG score providers showed a relationship between lower scores and higher returns, there was considerable difference when it came to the inverse. Data for one provider suggested that ****** ESG scores on that framework generated ****** returns than companies with a ****ESG score, while another two providers showed basically****difference between high ESG scores and average returns. In other words, the difference between ESG scoring frameworks seems to have more of an effect on returns than whether the score itself is high.

ESG Reporting Assurance Market Outlook

According to our latest research, the global ESG Reporting Assurance market size in 2024 stands at USD 4.7 billion, reflecting the robust adoption of environmental, social, and governance (ESG) practices across industries. The market is experiencing a strong growth trajectory, with a compound annual growth rate (CAGR) of 14.2% projected from 2025 to 2033. By 2033, the ESG Reporting Assurance market is forecasted to reach an impressive USD 14.3 billion. This significant expansion is primarily driven by tightening regulatory frameworks, increased investor scrutiny, and a growing emphasis on corporate transparency and sustainability worldwide.

The rapid growth of the ESG Reporting Assurance market can be attributed to a confluence of regulatory, investor, and societal pressures. Governments and regulatory bodies across the globe are increasingly mandating ESG disclosures and reporting, compelling organizations to seek independent assurance for their sustainability data. This regulatory push is especially pronounced in regions like the European Union, where the Corporate Sustainability Reporting Directive (CSRD) and similar mandates in North America are setting new benchmarks for non-financial reporting. As a result, companies are proactively engaging assurance providers to validate their ESG disclosures, ensuring compliance and mitigating legal risks. Furthermore, the integration of ESG criteria into investment decision-making processes by asset managers and institutional investors is intensifying the demand for credible and reliable ESG data, further fueling market growth.

Another key driver for the ESG Reporting Assurance market is the rising awareness among corporations regarding the reputational and financial risks associated with poor ESG performance. Stakeholders, including customers, employees, and communities, are increasingly holding businesses accountable for their environmental and social impacts. This shift in stakeholder expectations is prompting organizations to adopt best-in-class ESG reporting and assurance practices to demonstrate their commitment to sustainability and social responsibility. Additionally, the proliferation of ESG rating agencies and benchmarks has heightened the need for accurate and assured data, as companies strive to improve their scores and attract responsible investment. The convergence of these factors is creating a virtuous cycle, where robust assurance practices are not only a compliance necessity but also a strategic differentiator in the marketplace.

Technological advancements and the digital transformation of assurance services are also playing a pivotal role in the expansion of the ESG Reporting Assurance market. The adoption of advanced analytics, artificial intelligence, and blockchain technologies is enhancing the accuracy, efficiency, and transparency of ESG assurance processes. These innovations are enabling assurance providers to handle large volumes of complex, unstructured ESG data, deliver real-time insights, and offer scalable solutions tailored to organizations of all sizes. The integration of technology is also facilitating the standardization of ESG reporting frameworks, making it easier for companies to align with global best practices and for assurance providers to deliver consistent, high-quality services. As digital tools continue to evolve, they are expected to further accelerate market growth by reducing costs and increasing accessibility to assurance services.

From a regional perspective, Europe continues to lead the ESG Reporting Assurance market, accounting for the largest share in 2024, followed closely by North America and Asia Pacific. The strong regulatory environment in Europe, coupled with high investor activism and advanced sustainability agendas, has made the region a frontrunner in ESG assurance adoption. North America is witnessing rapid growth, driven by evolving regulations and increasing pressure from investors and consumers for greater transparency. Meanwhile, Asia Pacific is emerging as a high-growth region, underpinned by the expansion of multinational corporations, rising ESG awareness, and the introduction of new reporting standards in markets such as Japan, Australia, and Singapore. Latin America and the Middle East & Africa are also showing steady progress, although the market in these regions remains relatively nascent compared to their Western counterparts. Overall, the global landscape is characterized by increasing harmoniz

ESG Certification Market size was valued at USD 105.2 Billion in 2023 and is projected to reach USD 168.40 Billion by 2031, growing at a CAGR of 7.6% during the forecast period 2024-2031.

Global ESG Certification Market Drivers

The ESG (Environmental, Social, and Governance) Certification Market is driven by several key factors:

Regulatory Requirements and Compliance: Increasingly stringent environmental regulations and reporting requirements are compelling companies to adopt ESG practices. Governments and regulatory bodies worldwide are mandating more transparency and accountability in corporate ESG performance, driving the demand for ESG certifications. Investor Pressure and Financial Performance: Investors are increasingly considering ESG factors when making investment decisions. ESG-certified companies are often perceived as lower-risk investments with better long-term prospects. This investor pressure encourages companies to seek ESG certification to attract and retain investment. Consumer Demand and Brand Reputation: Consumers are becoming more environmentally and socially conscious, preferring to support companies that demonstrate strong ESG commitments. ESG certification helps companies enhance their brand reputation and appeal to a broader customer base, thereby driving demand for certification. Corporate Sustainability Goals: Many companies have set ambitious sustainability goals to reduce their environmental footprint, improve social equity, and strengthen governance practices. ESG certification provides a framework for achieving these goals and demonstrating progress to stakeholders. Risk Management: ESG certification helps companies identify and mitigate environmental, social, and governance risks. By adhering to ESG standards, companies can reduce potential liabilities, improve operational efficiency, and enhance resilience against future challenges. Competitive Advantage: ESG certification can differentiate companies in the marketplace. Companies with robust ESG practices can gain a competitive edge over those that do not, attracting customers, investors, and partners who prioritize sustainability and ethical practices. Technological Advancements: Advances in technology, such as data analytics and reporting tools, have made it easier for companies to track, measure, and report their ESG performance. These technological solutions facilitate the certification process and enhance the accuracy and credibility of ESG reporting. Global Initiatives and Standards: International initiatives and standards, such as the United Nations Sustainable Development Goals (SDGs) and the Global Reporting Initiative (GRI), promote ESG practices and encourage companies to align their operations with global sustainability benchmarks. Compliance with these standards often requires ESG certification. Employee and Talent Attraction: Companies with strong ESG credentials are more attractive to employees, particularly younger generations who prioritize working for organizations that align with their values. ESG certification can help companies attract and retain top talent. Supply Chain Requirements: Companies are increasingly requiring their suppliers and partners to adhere to ESG standards. This cascading effect throughout the supply chain drives demand for ESG certification among smaller companies and suppliers seeking to do business with larger, ESG-focused organizations.

In the context of the ESG era, this study provides an in-depth analysis of the ESG practices of listed companies and their impact on business performance in Korea and Taiwan, two of the Four Little Dragons economies in Asia. Although these two regions are similar in terms of economic size, they show significant differences in their ESG implementation strategies and effects. Based on the Bloomberg database, this study empirically analyzes data from 113 Taiwanese and 113 Korean firms, using Tobin’s q ratio as a measure of business performance. The findings show that there is complexity in the association between ESG scores and firms’ business performance. In South Korea, government policies and large conglomerates contribute significantly to ESG practices, while in Taiwan, the economic structure dominated by SMEs has led to different characteristics of ESG practices. All of these differences reflect the influence of intra-firm factors on performance. The findings of this study not only enrich the theoretical foundation of the relationship between ESG and business performance, but the findings provide valuable regional insights and recommendations for international investors, corporate managers, and policymakers in the Asia-Pacific region to implement ESG strategies, especially when considering the specific market environment, economic structure, and internal factors of the firms they operate in order to achieve sustainable growth and competitive advantage.

Data collected through semi-structured interviews regarding the use, rating and relevance of ESG finance in social housing provision. The interviewees are drawn from various types of companies such as social housing organisations, national and local federations from social housing organisations, rating agencies, public banks etc. The interviews were mostly conducted in English except for those carried out in France which were conducted in French. The data was collected and coded in 2022.

The Emissions Management Software Tools market is experiencing robust growth, driven by increasing regulatory pressure on businesses to reduce their carbon footprint and enhance environmental, social, and governance (ESG) performance. The market's expansion is fueled by a rising awareness of climate change among corporations and consumers, coupled with the urgent need for accurate and efficient emissions tracking and reporting. Large enterprises are leading adoption, followed by SMEs increasingly seeking cost-effective solutions to comply with regulations and improve their sustainability profiles. Cloud-based solutions dominate the market due to their scalability, accessibility, and ease of integration with existing business systems. The market's geographical distribution reflects global environmental concerns, with North America and Europe currently holding the largest market shares, driven by stringent emission regulations and a strong focus on corporate sustainability initiatives. However, significant growth is projected in the Asia-Pacific region due to rapid industrialization and the implementation of new environmental policies. The competitive landscape is dynamic, with a mix of established players and emerging technology providers. This creates an innovative ecosystem, driving improvements in data analysis, reporting capabilities, and integration with other ESG software. Challenges for the market include high initial investment costs for some solutions, the complexity of integrating data from diverse sources, and the need for robust data security and privacy measures. Furthermore, the lack of standardized reporting frameworks across different industries can create inconsistencies in data interpretation and comparison. However, ongoing technological advancements, increasing investor pressure to improve ESG performance, and the development of more user-friendly and cost-effective solutions are expected to mitigate these challenges and further accelerate market growth. We project a continued upward trajectory for the Emissions Management Software Tools market, with the cloud-based segment and the Asia-Pacific region demonstrating the strongest growth potential in the coming years. This growth will be driven by both larger corporations seeking to streamline their reporting and smaller businesses embracing more accessible solutions to improve their sustainability efforts.

The Asia-Pacific (APAC) green data center market is experiencing robust growth, driven by increasing environmental concerns, stringent government regulations promoting sustainability, and the rising adoption of cloud computing and digital transformation initiatives across various industries. The region's large and rapidly expanding digital economy, coupled with a growing awareness of the environmental impact of traditional data centers, is fueling the demand for energy-efficient and sustainable solutions. Significant investments in renewable energy infrastructure and advancements in green technologies, such as liquid cooling and AI-powered energy optimization, are further accelerating market expansion. Key segments within the APAC green data center market include colocation providers, cloud service providers, and enterprises across sectors like healthcare, finance, and telecom. The market is witnessing a shift towards sustainable practices, with companies increasingly adopting green data center strategies to reduce their carbon footprint and enhance their brand reputation. This trend is particularly pronounced in countries like China, India, and Japan, where substantial government support and private investment are driving the adoption of green technologies. While the exact market size for APAC in 2025 is not provided, considering the global CAGR of 20.87% and the significant growth potential of the APAC region, a reasonable estimate can be made. Assuming the global market size in 2025 is substantial, a conservative estimate for the APAC regional market share could be around 25-30%, reflecting its significant size and growth trajectory. This implies a market value of several billion dollars for the APAC green data center market in 2025. Continued growth is expected throughout the forecast period (2025-2033), driven by factors mentioned above. Challenges remain, including the high initial investment costs associated with green data center infrastructure and the need for skilled professionals to manage and maintain these advanced systems. However, these barriers are gradually being overcome through technological advancements and supportive government policies. Recent developments include: October 2022: PhonePe launched its first green data center with Dell Technologies and NTT Ltd. in India based on the liquid immersion technology, which will help the fintech in reducing its carbon emissions to meet sustainability goals by saving a significant amount of power savings, therefore relatively reducing carbon footprint in the data center., April 2022 : YTL Power International Berhad and GDS Holdings Limited ('GDS') signed a partnership to develop 168MW of data center capacity, across eight individual data center facilities, at the upcoming YTL Green Data Center Park in Johor, Malaysia. The first phase of the co-development will begin service in 2024.. Notable trends are: Rise in Electricity Prices Affecting the Market Negatively.

The CSR (Corporate Social Responsibility) Reporting Service market is experiencing robust growth, driven by increasing regulatory pressures, heightened stakeholder expectations, and a growing awareness of environmental, social, and governance (ESG) factors. The market, estimated at $2.5 billion in 2025, is projected to expand significantly over the forecast period (2025-2033), fueled by a compound annual growth rate (CAGR) of 12%. This growth is primarily attributed to the rising adoption of CSR reporting by large enterprises seeking to demonstrate their commitment to sustainability and enhance their brand reputation. Small and Medium Enterprises (SMEs) are also increasingly adopting these services, albeit at a slower pace, driven by a combination of regulatory compliance needs and growing pressure from investors and customers. The market is segmented by application (large enterprises and SMEs) and by type of service (single reporting and comprehensive reporting). Comprehensive reporting services, encompassing a wider range of ESG factors and data analysis, are witnessing faster growth compared to single reporting services, reflecting the evolving complexity of CSR reporting requirements. Geographic expansion is another key driver, with North America and Europe currently dominating the market, but significant growth potential exists in the Asia-Pacific region, driven by rapid economic development and increasing awareness of ESG issues in emerging economies. The competitive landscape is characterized by a mix of specialized CSR reporting service providers, consulting firms, and technology companies. AccuShred, Anthesis Group, TÜV Rheinland, and others offer a range of solutions catering to different organizational needs and sizes. The increasing demand for integrated, technology-enabled solutions is expected to further shape the market, with the adoption of AI and machine learning for data analysis and reporting becoming increasingly prevalent. While the market faces restraints such as the high cost of implementing comprehensive CSR reporting systems and the lack of standardization in reporting frameworks, these challenges are being addressed by technological advancements and the development of more user-friendly solutions. This combination of favorable market drivers and innovative solutions promises sustained growth for the CSR Reporting Service market throughout the forecast period.