Norway’s $1.4 Trillion Wealth Fund Wants ESG Ratings Overhauled
- European Commission has proposed major crackdown on raters
- Goal is to introduce more transparency and consistency
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Norway’s $1.4 trillion wealth fund is backing a European Commission proposal to overhaul the ESG ratings industry amid concerns that a lack of transparency and consistency among score providers is undermining confidence.
The fund, whose equity investments are spread across roughly 9,000 companies, echoed the commission’s concern that “the ESG rating market suffers from deficiencies,” in an open letter published on Friday.