ESG Standards in Securities Services – Resource Centre for non-ISSA Collateral

This resource centre contains key non-ISSA collateral that has been collected by the ESG Standards Subgroup. The content is organized by topic under the following sections:

The aim is to provide a destination that can be utilized by members to inform themselves and their organizations as well as add to as they find additional useful documents. Please send any new documents of interest to

White Papers and Articles

COP28: Fossil fuels reference ‘a key signal to asset owners’AllThe COP28 agreement, marking the first time fossil fuels are specifically mentioned in a UN climate conference deal, calls for a global transition away from fossil fuels to achieve net-zero emissions by 2050. Notably, it emphasizes a just and equitable transition. Laura Hillis, from the Church of England Pensions Board, views this reference as a key signal for asset owners. Iancu Daramus of Fulcrum Asset Management highlights the financial materiality of climate risk, while Stephanie Pfeifer, CEO of the Institutional Investors Group on Climate Change, sees the reference to fossil fuels as a precedent for national governments. The article also discusses investor reactions, commitments made at COP28, and key announcements and initiatives. Those within the securities services industry concerned with sustainable finance, climate policy, and institutional investment strategies would find this article particularly relevantCOP28, fossil fuels, net-zero emissions, just transition, climate finance, sustainable finance, Institutional Investors Group on Climate Change, climate risk, blended finance, emerging markets, global agreements, COP29, COP30.14 December 2023COP28: Fossil fuels reference ‘a key signal to asset owners’ | News | IPE
ESG ratings: whose interests do they serve?AllThis article explores the growing scrutiny of ESG ratings, which assess companies’ sustainability performance. Regulators and politicians in Europe, Asia, and the US are seeking transparency and addressing potential conflicts of interest in these ratings. European lawmakers are considering legislation to enhance transparency, while US politicians are questioning ratings’ agencies’ methods. ESG ratings, unlike traditional credit ratings, are not yet subject to regulatory scrutiny on conflicts of interest and often rely on unaudited data.ESG ratings; sustainability; transparency; conflict of interest; regulators; financial industry;03 October 2023ESG ratings: whose interests do they serve? | Financial Times (
Investors turn to AI for ESG data (subscription required)AllHow AI can support companies to manage the ESG data challengesData; ESG Solutions; AI; Artificial intelligence; Sustainable financeOctober 2023Investors turn to AI for ESG data | Special Report | IPE
Climate Related Disclosures/ESG InvestingAllWhy the right name of an ESG fund is so important. Video incorporated in an introductory article.Fund naming; ESG; SEC11 September 2023
ESG Global Survey 2023AllThis BNP Paribas survey of 420 asset owners and managers, hedge funds and private equity firms shows that institutional investors are mobilising capital towards investments that will deliver measurable positive impacts alongside financial returns. This first report focuses on ESG data and reporting, and the challenges with consistency, quality and cost of data faced by investorsESG, Institutional investors, data, reporting, integration, vendors, net zeroSeptember 2023Global ESG Survey 2023 – Report – Securities Services (
Reuters Impact: Global Sustainability Report 2023AllThis report highlights the key challenges and disruptions that sustainability practitioners are facing in their day-to-day jobs, exploring their specific priorities, their strategies to address them, which metrics for success they are chasing, and the tools and technologies they are procuring – and planning to procure – to help them meet their business goals.ESG, ESG data, Institutional investors, decarbonization, reporting, integration, vendors, net zero, sustainabilitySeptember 2023
Nature in Green Finance: Bridging the gap in environmental reportingEnvironmentalThis report looks at how
financial institutions are
considering nature-related
risks and opportunities
alongside recent progress on
climate-related initiatives and
net zero targets
Nature; reporting; TCFD;
climate; TNFD
20 August 2023
Should investors stay and fight for green change — or divest?EnvironmentalThis article summarizes the findings of academic researchers who looked at the pros and cons of divestment versus engagement investment approaches and how effective they really are. Links to the full paper are included.Divestment; engagement; voting; SEC6 July 2023   (subscription required)
JP Morgan Launches Sustainable Data Solutions to Simplify ESG InvestmentsAllJPMorgan Chase & Co’s Securities Services division is launching a sustainable investment data solutions initiative for institutional investors in a bid to make investments in ESG easier.Environmental; social; governance; ESG; environmental social governance; JPMorgan; data; data solutions; investment data; ESG investing; US; institutional investing;13 June 2023JPMorgan launches sustainable data solutions to simplify ESG investments | Reuters
Biodiversity Loss: An Introduction for Risk ProfessionalsEnvironmentalThis paper seeks to explain what biodiversity is and how it presents a financial risk – risks that include credit, market and operational risks. It is written specifically for finance professionalsBiodiversity; nature; measurement; disclosure; frameworks02 March 2023
UNEP FI: The 2023 Climate Risk Landscape?EnvironmentalThis UN report is the latest in a series of publications that tracks the growing range of tools available for measuring and tracking climate risks of investments. The project is supported by 44 banks who the UNEP FI have convened as part of their programmeClimate risk; measurement; physical risk; transition riskMarch 2023
Climate-Related Financial Risk: An FMI’s Perspective – A DTCC Systemic Risk White PaperEnvironmentalClimate change is expected to have a dramatic impact on our environment over the next few decades – and quite possibly beyond. DTCC’s white paper presents the financial market utility’s thoughts on how climate-related financial risk applies to DTCC and, by extension, other Financial Market Infrastructures (FMIs) – and how the industry currently has the necessary resources to address these risks in a proactive mannerRisk; environmental; Europe; US; systemic risk; climate change; climate related; financial risk; physical risk; climate concern; climate; FMI; business continuity; green bond; DTCC01 February 2023
The Essentials of CSRD: A Quick Guide to Accelerate your Green TransitionAllWhat and when do you need to report in the context of CSRD? Key milestones in the CSRD and ESRS framework. Link to GreenomyESG reporting; CSRD; ESRS; Greenomy2023
The Essentials of SFDR: a Complete Guide to Accelerate Your Green TransitionAllWhat does SFDR mean in practice? Key insights into who is affected, what and how to report, key milestones and link to Greenomy
ESG reporting; SFDR; sustainable finance; ESG transparency; Greenomy2023
NextGenerationEU green bondsAllGreen bonds issuance in the EU: the importance and framework of NextGenerationEU green bonds.Next generation green bonds; NextGenerationEU, Capital markets; European Commission2023
Sustainable Finance under Global Securities FinancingAllThe role of market infrastructures in sustainable finance: triparty collateral and securities lending services in sync with ESG-oriented financing. Clearstream point of viewSustainable finance; global securities financing; Clearstream2023
Non-banks contagion and the uneven mitigation of climate riskEnvironmentalThe paper develops a framework for the short-term modelling of market risk and shock propagation in the investment fund sector. It tackles in particular climate risk.climate finance; investment funds; systemic risk; stress testingDecember 2022
Financial Innovations Lab: Integrating ESG Data to Improve Risk Management and Municipal ResilienceAllSustainable debt investments and the market for ESG data continue to expand. But without effective measuring and tracking of the ESG risks specific to each community, there is a limit to that growth. If the municipal bond market is to capitalize on this momentum, it will require coordinated efforts from all stakeholders to standardize data about material risks and look at ways to “upstream” ESG risk detection by embedding these concerns into existing government practices on budgeting, asset management, planning, and procurement.ESG; Milken Institute; financial innovation; innovation; financial innovations lab; ESG data; data; risk; risk management; resilience; municipal resilience; ESG risk; sustainable investment; investment; investments; ESG investing; financial reporting; data aggregation; strategy; platform; data solutions; accessibility; budgeting; innovating financing; energy and environment; data repository25 October 2022
ESG Data Services for securities finance and collateral marketsAllAs ESG investing continues to gather momentum, firms are seeking to incorporate ESG guidelines into their collateral management. The article focuses on a number of Euroclear solutions as a triparty agent.ESG; data services; securities finance; collateral markets08 September 2022
UNPRI: What is responsible investment?AllA useful introduction to responsible investment provided by one of the key framework bodies operating globally. It provides summary information and further links to help readers understand the key what, why and how questionsResponsible investment; ESG; materialitySeptember 2022
Pricing of green bonds: drivers and dynamics of the greeniumEnvironmentalThe paper focuses on the greenium (a premium for green bonds) and its implications. The presence of a greenium can point investors’ confidence for green bonds, as the green bond market needs continuous growth.climate change; sustainable finance; impact investing; corporate sustainability; greeniumSeptember 2022
Important Role for Securities Services Firms in ESG MetricsData and analytics will remain a key challenge for custodians to integrate and comply with ESG regulations. There are still too many disparate sources and ESG scores. Custodians are building solutions individually and by partnering with Fintech firms.Environmental; social; governance; ESG; environmental social governance; data; ESG scores; Europe; net zero; ESG goals; ESG targets; goals; targets; ESG fund; regulation; regulations; benchmarks; benchmark; benchmarking; securities services; Fintech; IPEJuly/ August 2022 (subscription required)
Important role for securities services firms in ESG metricsAllAn article that looks at the role of securities services or asset servicing firms with regards helping clients measure, monitor and disclose their ESG performance. It has a particular focus on the European market.Securities services; asset servicing; compliance; regulationsJuly/August 2022
(subscription required)
Aggregate Confusion: The Divergence of ESG RatingsAllThis paper studies the variation in ESG ratings between different market providers that are commonly used by investors. It looks to understand the different methodologies employed and the challenges that a lack of transparency and consistency present.ESG data; ratings; correlation; measurement23 May 2022
Can the SEC Make ESG Rules that are Sustainable?AllCommissioner Roisman’s personal views on the questions one may ask, looking at ESG rules by the SEC.ESG rules; SEC22 June 2021
Amplifying the “S” in ESG: Investor Myth BusterSocialInvestors are under increased pressure to consider the “S” (social) performance component in their investments. Yet, in the world of Environmental, Social and Governance (ESG) investing, the integration of social performance assessment has seen insufficient progressSocial; Myths; Risks; Data; Investors; ScoringApril 2021eSg Whitepaper (
How Financial Services Can Use ESG Initiatives to Help Build a Brighter Future for AllAllAs the importance of environmental and social responsibility gains momentum, the financial services industry is stepping to the forefront. Learn more about the need for action on environmental, social, and governance (ESG) topics, and explore the unique challenges, opportunities, and responsibilities that rest with the financial services industry.2021ESG; environmental; social; governance; environmental social governance; environmental responsibility; social responsibility; corporate social responsibility; frameworks; framework; equity; trust; stability; Deloitte; climate adaptation; additive manufacturing; role of work; inequality; climate change; climate risk; climate; risk; tools; collaboration2021

Business school research round-up: sustainabilityAllA summary round-up item that contains links to several studies covering topics such as macroeconomic impacts of climate change & how activist investors target companies with established corporate social responsibility policies.Climate risk; sustainability; CSR; activism6 July 2023
(subscription required)
Opening up ESG dataAllThe integration of ESG into the investment process is accelerating, yet challenges with accessing reliable ESG data continue to hinder progress. Leveraging an open-architecture approach may offer a solution. BNP Paribas point of view.ESG; ESG data; Sustainable finance; sustainable investment; BNP Paribas05 August 2022


Stepping up on biodiversity: how are investors taking action since COP15?EnvironmentalA webinar that includes speakers from leading investors who have a strong focus on biodiversity and reversing biodiversity loss. Case studies are included to help understand different approaches currently adopted to help achieve these goals.Biodiversity; COP15;18 April 2023
How Successful Leaders Will Take ESG Further: Blackrock’s Alternative Investment Chief Pam ChanAllPam Chan, the Chief Investment Officer of BlackRock explains what’s needed to take ESG (Environmental, Social, Governance) further. She indicates that partnership and thinking differently are key attributes to advancing ESG.ESG; environmental; social; governance; environmental social governance; WEF; World Economic Forum; BlackRock; Meet The Leader; podcast; Spotify; alternative solutions; investing; ESG investing; innovation; thought leadership; collaboration; collaborate; video9 August 2022

Regulation and Standards

International Financial Reporting Standards (IFRS) S1: IFRS Sustainability Disclosure Standard – General Requirements for Disclosure of Sustainability-related Financial InformationGovernanceThe objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to require an entity to disclose information about its sustainability-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the entity.Governance; strategy; risk; risk management; IFRS; disclosure; regulation; standard; standards; reporting; ISSBJune 2023
International Financial Reporting Standards (IFRS) S2: IFRS Sustainability Disclosure Standard – Climate-related DisclosuresGovernanceThis Standard requires an entity to disclose information about climate-related risks and opportunities that could reasonably be expected to affect the entity’s cash flows, its access to finance or cost of capital over the short, medium, or long term.Governance; strategy; risk; risk management; IFRS; disclosure; regulation; standard; standards; reporting; climate change; climate; climate-related; physical risk; transition risk; cash flow; climate resilience; carbon credit; transition plan; financed emissions; ISSBJune 2023
Your guide to the European Commission’s Sustainable Finance Action PlanAllOur quick guide summarises the latest developments of the European Commission’s Sustainable Finance Action Plan and the impact for institutional investors and their providersEuropean Commission, EU, Sustainable finance, taxonomy12 April 2023Your guide to the European Commission’s Sustainable Finance Action Plan – Securities Services (
Sustainable Finance Disclosure Regulation (SFDR) – regulation memoAllOur quick guide summarises the latest phase of the EU’s SFDR regulation and the interpretations of the regulation for investors and their providersSFDR, EU, PAI,16 March 2023Sustainable Finance Disclosure Regulation (SFDR) – regulation memo – Securities Services (
Transition Implementation Group for IFRS S1 and IFRS S2 (TIG)GovernanceThe document outlines the terms of reference for the Transition Implementation Group including the group’s objective, structure and communication. The group will help with implementation of IFRS S1 and IFRS S2.Governance; strategy; risk; risk management; IFRS; ISSB; disclosure; regulation; regulation; standard; standards; reporting; transition implementation group; TIG2023