The May 2023 report examines the expanding role of ESG data, ratings, and analytics in capital markets, noting improved quality due to greater corporate disclosures, often driven by regulation. Many buy-side firms now create internal ESG ratings for equities, fixed income, and sustainability-linked bonds. Spending on ESG data, ratings, and analytics is projected at $937 million in 2023, up 28% from 2022, with strong growth expected as sustainable investing and regulation rise. However, ESG coverage remains weak beyond developed market equities, highlighting the need for broader data improvement.

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