Consulting giant PwC has won a €300k tender from the European Commission to undertake a feasibility study into the introduction of a label for ESG benchmarks, beating three other bidders.
A spokesperson for the Commission told RI that it doesn’t disclose the names of unsuccessful bidders.
Plans to develop such a label were announced in the summer as part of the Commission’s Sustainable Finance Strategy, the sequel to its groundbreaking 2019 Action Plan on sustainable finance.
The planned ESG benchmark category would be similar to the EU’s existing Paris-Aligned and Climate Transition benchmarks, which lay out some basic expectations for indices seeking to support Europe’s climate objectives. The new category would cover a wider range of sustainability and ESG factors.