--- title: ESMA Finds Divergence in ESG Disclosures in Credit Ratings description: The regulator is conducting a Call for Evidence on the market structure of ESG rating providers. image: https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/esg-matters-in-fixed-income-May-12-2022-09-32-18-10-AM.jpg --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/esma-finds-divergence-in-esg-disclosures-in-credit-ratings#popup-newsletter) #### Want the latest news on securities markets -- FREE? 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ESMA finds that the overall level of disclosures has increased since the introduction of the Guidelines, but that a high level of divergence across CRAs means there is still room for further improvement. Applying national language processing techniques to a unique dataset of over 64,000 CRA press releases published between 1 January and 30 December 2020, the study finds that the extent of ESG disclosures differs significantly across both CRAs and ESG factors, especially environmental topics. It also observes divergences in CRAs’ disclosures even for rated entities that are highly exposed to ESG factors, relative to their sector peers. Investor interest in sustainable finance has grown exponentially in recent years and, as a result, some CRAs have sought to become more transparent on how ESG factors are integrated into their credit ratings. ESMA, to ensure a consistent level of ESG issues transparency for investors, on 30 March 2020 began applying Guidelines for how and when CRAs’ considerations of ESG factors are disclosed in credit rating press releases. ESMA is also currently conducting a [Call for Evidence](https://www.esma.europa.eu/press-news/esma-news/esma-launches-call-evidence-esg-ratings) on the market structure of ESG rating providers in the EU. Its purpose is to develop a picture of the size, structure, resourcing, revenues and product offerings of the different ESG rating providers operating in the EU. RELATED DOCUMENTS TEXT MINING ESG DISCLOSURES IN RATING AGENCY PRESS RELEASES 10 February 2022 [ESMA80-195-1352\_CRA\_ESG\_DISCLOSURES.PDF](https://www.esma.europa.eu/file/122840/download?token=uGNelAjS)(403.58 KB) Source: ESMA [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/esma-finds-divergence-in-esg-disclosures-in-credit-ratings) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/esma-finds-divergence-in-esg-disclosures-in-credit-ratings) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/esma-finds-divergence-in-esg-disclosures-in-credit-ratings) ![email](https://articles.marketsmedia.com/hubfs/Markets%20Media/email.svg) ### NEWSLETTER SIGN UP And receive exclusive articles on securities markets ### Related articles 1. 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