dc.contributor.author	Bouye, Eric
dc.contributor.author	Menville, Diane
dc.date.accessioned	2021-03-18T14:36:06Z
dc.date.available	2021-03-18T14:36:06Z
dc.date.issued	2021-03
dc.description.abstract	This paper studies sovereign environmental, social, and governance (ESG) ratings from the qualitative and quantitative angles. First, it introduces the landscape for sovereign ESG ratings. Second, it provides a comparison with the history of credit ratings, factoring in that ESG ratings are in an early development stage. Third, the paper reviews different actors, key issues, including taxonomy, models and data from different providers. The paper provides a qualitative assessment of the convergence of ratings among providers by introducing a factor attribution method, that maps all providers' ratings into a common taxonomy defined by the United Nations-supported Principles for Responsible Investment (UNPRI). Then, a quantitative analysis of the convergence is performed by regressing the scores on variables from the World Bank sovereign ESG database. A noticeable contribution to the literature is a high level of explanatory power of these variables across all rating methodologies, with a R2 ranging between 0.78 and 0.98. An analysis of the importance of variables using a lasso regression exhibits the preponderance of the governance factor and the limited role of demographic shifts for all providers.	en
dc.identifier	http://documents.worldbank.org/curated/en/931921615831876764/The-Convergence-of-Sovereign-Environmental-Social-and-Governance-Ratings
dc.identifier.doi	10.1596/1813-9450-9583
dc.identifier.uri	https://hdl.handle.net/10986/35291
dc.language	English
dc.publisher	World Bank, Washington, DC
dc.relation.ispartofseries	Policy Research Working Paper;No. 9583
dc.rights	CC BY 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by/3.0/igo
dc.subject	ENVIRONMENTAL SUSTAINABILITY
dc.subject	SOVEREIGN GREEN BOND
dc.subject	SOVEREIGN DEBT
dc.subject	BOND RATING
dc.subject	GOVERNANCE
dc.subject	RESPONSIBLE INVESTMENT
dc.title	The Convergence of Sovereign Environmental, Social and Governance Ratings	en
dc.type	Working Paper	en
dc.type	Document de travail	fr
dc.type	Documento de trabajo	es
dspace.entity.type	Publication
okr.crossref.title	The Convergence of Sovereign Environmental, Social and Governance Ratings
okr.date.disclosure	2021-03-15
okr.date.doiregistration	2025-04-10T11:50:03.828420Z
okr.doctype	Publications & Research
okr.doctype	Publications & Research::Policy Research Working Paper
okr.docurl	http://documents.worldbank.org/curated/en/931921615831876764/The-Convergence-of-Sovereign-Environmental-Social-and-Governance-Ratings
okr.guid	931921615831876764
okr.identifier.doi	10.1596/1813-9450-9583
okr.identifier.externaldocumentum	090224b0883c3827_1_0
okr.identifier.internaldocumentum	32913521
okr.identifier.report	WPS9583
okr.imported	true	en
okr.language.supported	en
okr.pdfurl	http://documents.worldbank.org/curated/en/931921615831876764/pdf/The-Convergence-of-Sovereign-Environmental-Social-and-Governance-Ratings.pdf	en
okr.statistics.combined	5504
okr.statistics.dr	931921615831876764
okr.statistics.drstats	4575
okr.topic	Environment::Environmental Economics & Policies
okr.topic	Finance and Financial Sector Development::Capital Markets and Capital Flows
okr.topic	Finance and Financial Sector Development::Debt Markets
okr.unit	Treasury Asset Management & Advisory Department
relation.isSeriesOfPublication	26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery	26e071dc-b0bf-409c-b982-df2970295c87

Publication: The Convergence of Sovereign Environmental, Social and Governance Ratings

Files

Original bundle

License bundle

Collections

Publication:
The Convergence of Sovereign Environmental, Social and Governance Ratings