According to an academic study conducted in 2020, when considered in terms of pairwise comparisons there was a large amount of divergence between five of the major environmental, social and governance (ESG) ratings agencies - both in terms of the overall scores, and and each of the E, S and G pillars. Some companies saw a relatively high degree of similarity, such as Sustainalytics and Vigeo, whose overall ESG scores had a correlation of 0.77 (out of one). However, much less similarity was seen between Sustainalytics and MSCI, whose scores had a correlation of 0.53. This difference was even greater when considering scores for the individual E, S and G categories, which had correlations of 0.33, 0.29 and 0.34 respectively.
Correlation of the environmental, social and governance (ESG) scores of five major ratings agencies worldwide in 2017, by category and agency
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Social Science Research Network. (May 18, 2020). Correlation of the environmental, social and governance (ESG) scores of five major ratings agencies worldwide in 2017, by category and agency [Graph]. In Statista. Retrieved June 10, 2024, from https://www.statista.com/statistics/1268046/correlation-esg-scores-category-agency/
Social Science Research Network. "Correlation of the environmental, social and governance (ESG) scores of five major ratings agencies worldwide in 2017, by category and agency." Chart. May 18, 2020. Statista. Accessed June 10, 2024. https://www.statista.com/statistics/1268046/correlation-esg-scores-category-agency/
Social Science Research Network. (2020). Correlation of the environmental, social and governance (ESG) scores of five major ratings agencies worldwide in 2017, by category and agency. Statista. Statista Inc.. Accessed: June 10, 2024. https://www.statista.com/statistics/1268046/correlation-esg-scores-category-agency/
Social Science Research Network. "Correlation of The Environmental, Social and Governance (Esg) Scores of Five Major Ratings Agencies Worldwide in 2017, by Category and Agency." Statista, Statista Inc., 18 May 2020, https://www.statista.com/statistics/1268046/correlation-esg-scores-category-agency/
Social Science Research Network, Correlation of the environmental, social and governance (ESG) scores of five major ratings agencies worldwide in 2017, by category and agency Statista, https://www.statista.com/statistics/1268046/correlation-esg-scores-category-agency/ (last visited June 10, 2024)
Correlation of the environmental, social and governance (ESG) scores of five major ratings agencies worldwide in 2017, by category and agency [Graph], Social Science Research Network, May 18, 2020. [Online]. Available: https://www.statista.com/statistics/1268046/correlation-esg-scores-category-agency/