In March 2022, the Financial Times reported a "boom" in environmental, social and governance (ESG) ratings, with a "race to carve out market share in the very lucrative business of providing advice to investors on environmental, social and governance issues". These ratings typically assess the impact of ESG factors on a company or product and (in some cases) a company's impact on the outside world. It is estimated that there are some 140 different ESG data providers in the market currently, including ESG branches of well-known agencies such as Refinitiv, Moody's, S&P and Morgan Stanley Capital International (MSCI). This growth is unsurprising given the intensifying focus of institutional investors on ESG matters and the proliferation of 'ESG funds'.