Andrew Steel discusses the growth of ESG investing and how Fitch Ratings provides analysis and credit ratings based on ESG metrics. He lays out some of the challenges faced by a lack of standardization around data companies and investors use to inform decision-making. Ultimately, Steel predicts investing will evolve to the point where companies and institutions will integrate ESG information and evaluation into every decision.
Andrew Steel is responsible for developing and implementing Fitch's sustainable finance strategy, across ratings and the broader Fitch group. His group is based in London, New York, and Hong Kong. In 2019 Fitch Ratings rolled out an integrated cross-asset scoring system for credit ratings to display how environmental, social and governance factors impact individual credit rating decisions. Prior to his current role Andrew held several senior management positions for Fitch in EMEA and Asia. Andrew joined Fitch 17 years ago with a background in project finance, private equity, LBO’s and M&A from investment banking and equity investments. Andrew is currently an advisory committee member of the UN PRI credit ratings initiative, and during the early 2000’s was an independent expert for the UN ECE advising on risk issues and sustainable energy development.
TIMESTAMPS
0:00 - Intro
3:00 - Growth of ESG
4:56 - How to produce ESG insights
9:50 - Evaluating credit risks and working with regulators
13:42 - Data analysis challenges
16:23 - Modern ESG practices
18:17 - Concerns around greenwashing social-washing
20:21 - ESG prevalence
22:35 - Governance in ESG
28:35 - Evaluating climate risks
32:49 - ESG integration and need for labeling
35:35 - Evaluating EV proliferation
40:21 - Needed pace of ESG growth
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