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Since Fitch Ratings launched ESG relevance scores (ESG.RS) in early 2019, 2.1% of corporates and 1.7% of financial institutions have seen an increase in impact on credit ratings from ESG factors, from no or low impact. Governance scores for entities had the greatest frequency of increases, consistent with Fitch’s initial findings that governance factors most frequently affect credit ratings. Extreme weather events may have broader credit implications if they affect public and political opinion on climate policy. There have been calls for a corresponding “brown” taxonomy (a list of environmentally harmful activities)