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Notes
- 1.
Naturally, this is built upon the dedication and hard work of thousands of individual scientists and activists, public and private charities, non-governmental organisations, think tanks, and research organisations, over the last many decades.
- 2.
As this book was going to print, GFANZ released its guidance for a Net-zero Transition Plan, seeking inputs from the general public. Unfortunately, it has not been possible to include those plans in this analysis due to time constraints and production schedules.
- 3.
The FSB-TCFD (Financial Stability Board—Task Force on Climate Related Financial Disclosures) framework, as it is in its name, is primarily focused on climate change and its purpose is ‘to develop voluntary, consistent climate-related financial disclosures that would be useful to investors, lenders, and insurance underwriters in understanding material risks…. its members were selected by the Financial Stability Board and come from various organisations, including large banks, insurance companies, asset managers, pension funds, large non-financial companies, accounting and consulting firms, and credit rating agencies’ (TCFD, 2017, iii).
- 4.
Emphasis added.
- 5.
Emphasis added.
- 6.
Emphasis added.
- 7.
I would like to state clearly that Refinitiv is one example, and other ESG rating providers have similar practices, and their methodologies face similar issues (MSCI, 2020).
- 8.
Note that I have not requested the glossary and the data points, and the argument here is not about their eventual possible availability. The point of concern here is the fact that the main methodology paper on ESG scores by one of the main ESG score providers does not openly disclose the data points.
- 9.
Emphases added to denote the layers of aggregation and weights being applied.
- 10.
For example, under the Environmental Dimension, we have a ‘Packaging’ criterion described with a ‘Packaging Commitment’ question (S&P Global, 2022b, 19).
- 11.
On the 15th of March 2022, TNFD released its beta framework for consultation. The final recommendations are due to be released in Q3 2023 (TNFD, 2022).
- 12.
For a recent report on space debris, or space junk please see ESA (2021).
- 13.
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Papazian, A.V. (2022). Sustainable Finance: Frameworks Without Value Equations. In: The Space Value of Money. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-59489-1_3
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