London, 19 February 2024

  • New solution enables banks, insurers and corporates to better understand how compliant the companies, customers or suppliers they work with are to ESG principles
  • The service enables business to take effective and immediate action on a range of ESG issues – for example to ensure they are promoting sustainability by measuring their greenhouse gas (GHG) emissions and assessing transition, physical and environmental risks ahead of prospective new regulation
  • The ESG score draws on CRIF’s 30 years of experience in analytics, utilising more than 130 proprietary key indicators derived from public and private data sources
  • The solution complements CRIF’s existing Synesgy service, which enables businesses to assess the ESG credentials of their entire supply chain via self-reported questionnaires

UK banks will be able to assess the environmental, social and governance (ESG) profile of their UK and EU based suppliers, partners and customer portfolio quickly and effectively, thanks to a pioneering new data repository and scoring service.

ESG Analytics from CRIF, Europe’s leading provider of consumer and business credit information, and a key global player in integrated decisioning solutions, draws on over 130 key indicators derived from UK and EU information sources, analysing information on important areas such as a business’s water usage, waste production, emission, health and safety record, modern slavery and inclusiveness.

Thanks to CRIF’s unique repository of ESG data as well as over 30 years of experience in advanced analytics, businesses can get a quick and accurate picture of the ESG credentials of all UK and European businesses they work with or are considering working with.

To access these credentials, financial institutions only require the VAT or registration number of a UK or European business to get an ESG score along with the granular environmental, social and governance indicators without the need to engage the individual company itself.

The benefits the solution brings to UK banks include:

  • Helping them to identify the most sustainable and ethically conscious businesses they work with and to prioritise those relationships, and issue green finance
  • Identifying potential partners to work with in the future
  • Supporting their own ESG objectives and efforts to further their own sustainability journey, for example to be aware of natural resource consumption and their impact on biodiversity
  • Protecting their reputation by minimising potential risk in the organisations they work with and put remedies in place to deal with any ESG exposures of their customers and suppliers
  • Meeting reporting and compliance requirements for stakeholders, investors and regulatory bodies.

At present, the UK has no single ESG law or regulation, with policy consisting of domestic and EU-derived laws and regulations, but as part of the Edinburgh reforms in December 2022, the government announced that it would explore a potential regulatory regime for financial providers.

Sara Costantini, CRIF’s Regional Director for the UK & Ireland, said: “There’s no doubt that protecting the environment for future generations is the number one most pressing challenge for individuals, businesses and governments today. “Financial institutions will play a crucial role in the transition to a green economy. For banks in particular, efforts to reduce their impact on the environment and promote good governance and social responsibility are going to be more and more important in the near future. “Considering the growing attention of the regulatory bodies towards ESG compliance in the EU but also in the UK, our ESG Analytics enables banks, insurers and corporates to understand the impact of businesses they work with today and help inform their decision-making in this ever-more important area of work. And y working with regulatory bodies all around the world, we ensure we remain at the forefront of regulation so we can pass this knowledge onto UK financial institutions.”

There is a growing focus on the need by companies to understand, disclose and reduce their Scope 3 emissions. A recent study* assessed the emissions associated with the global investments held by 15 British banks and 10 asset managers and found that their investments emit 805 million tonnes of carbon per year. If these emissions were from a country, that country would rank 9th in the world for carbon emissions.

This is not just important to meet regulatory requirements but also to meet customer demands. Research from CRIF** found that UK consumers are increasingly likely to prefer companies that prioritise ESG considerations, with half (49%) of people saying they would prefer to use a bank or lender that is focused on protecting the environment, while two-thirds (66%) say they want their bank to be transparent with them about how it is run.

CRIF’s new ESG Analytics solution complements its existing ESG service – Synesgy – which allows businesses to easily understand the ESG implications of their entire supply chain, enabling them to collect and view ESG reports, and view the sustainability ratings of the other businesses that they work with.
While Synesgy is based on reporting data from questionnaires for both companies and their suppliers, which will take a more detailed, long-term approach to analysing the ESG impact of businesses, CRIF’s ESG Analytics enables businesses to take action now to become ESG-compliant, meet their sustainability goals and protect the environment for future generations.

The launch of ESG Analytics and Synesgy in the UK expands the availability of these solutions around the world, where over 600,000 companies, including 350 banks and insurers, already utilise the service in more than 80 countries, as it helps to set an international standard in corporate sustainability.


** Opinium, on behalf of CRIF, surveyed 2,000 adults across the UK between 4th April - 6th April 2023.