ESG格付けへの信頼構築：金融市場インフラとしてのESG格付け—規制動向、資本動員、アフリカのサステナブルファイナンス機会

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides a comparative regulatory analysis of ESG ratings across jurisdictions, useful for understanding global governance trends.

🏢実務担当者:Highlights regulatory expectations and best practices for ESG rating providers and data vendors to ensure compliance and credibility.

🏛政策担当者:Offers a framework for designing ESG ratings regulation that balances transparency, innovation, and market development, with specific relevance for African regulators.

Environmental, Social and Governance (ESG) ratings and sustainability-related data products have become increasingly important components of global financial markets, supporting investment decision-making, stewardship activities, sustainable finance, risk management, and corporate sustainability disclosures. As sustainability considerations become more deeply integrated into capital allocation decisions, regulators worldwide are increasingly focused on strengthening the transparency, governance, accountability, and integrity of ESG ratings markets while reducing the risk of greenwashing and information asymmetries. While this paper was initially developed in response to the Financial Sector Conduct Authority's (FSCA) Discussion Paper on ESG Rating Services and Data Providers in South Africa, it adopts a broader strategic perspective. The paper argues that ESG ratings should not be viewed merely as sustainability assessment tools, but as an emerging component of financial market infrastructure with important implications for capital mobilisation, sustainable finance, climate transition, market transparency, and long-term economic development. The analysis examines global regulatory developments across major jurisdictions, including the European Union, United Kingdom, India, Japan, Singapore, the United States, China and selected African markets. It explores the growing distinction between ESG ratings and traditional credit ratings, evaluates the role of ESG ratings in reducing information asymmetries and supporting capital formation, and considers the strategic importance of ESG ratings within the development of African sustainable finance ecosystems. The paper further argues that Africa has a unique opportunity to participate actively in the development of sustainability-related market infrastructure. Unlike the global credit ratings industry, which evolved largely without meaningful African participation, ESG ratings, sustainability data systems, green taxonomies, and sustainable finance frameworks remain at a formative stage of development. Consequently, policy decisions relating to ESG ratings regulation should be viewed not only through a compliance lens, but also through the broader objectives of strengthening market transparency, improving capital allocation, supporting climate transition, and enhancing Africa's participation within the evolving global sustainable finance architecture. Conclusions of this paper support the introduction of a formal, principles-based regulatory framework for ESG ratings and sustainability data providers that aligns with IOSCO recommendations and emerging international best practice. Such a framework should promote transparency, governance, accountability, and conflict-ofinterest management while preserving methodological diversity, analytical independence, innovation, and competition. The paper concludes that ESG ratings, sustainability disclosures, green taxonomies, and sustainability data systems are becoming increasingly interconnected pillars of sustainable finance architecture and that Africa has an opportunity to play a more active role in shaping their future development.

• openaire https://doi.org/10.2139/ssrn.6874968first seen 2026-09-01 04:53:32 · last seen 2026-09-21 04:28:34