Published on 17/11/2023
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  • The study focuses on climate risk in credit ratings
  • It recommends climate expert panels in rating committees for better transparency
  • The research also underscores the urgent need for enhanced expertise and transparency in integrating environmental considerations into financial assessments. 

A new study by Dr Daniel Cash from Aston Law School, in collaboration with Hazel Ilango of the Institute for Energy Economics and Financial Analysis, has revealed critical insights which emphasise the need for credit rating committees to integrate climate risks more effectively in their assessments. 

This research, Going Beyond Methodology: The Credit Rating Committee’s Vital but Overlooked Role in Climate Risk Integration, spotlights the significant role these committees play in the financial world.

It underscores the pivotal position of rating committees as the final arbiters in credit rating, highlighting their responsibility in assimilating climate risks into creditworthiness evaluations.

The study also highlights the need for the formation of expert panels on climate risk within these committees to refine credit analysis and encourage meaningful interactions between credit analysts and issuers.

Dr Daniel Cash, a reader in law at Aston Law School, said:

“In the evolving landscape of finance, it's imperative that we recognize and address the substantial impact of climate risks on credit ratings.

“This study not only highlights the critical role of rating committees in this process but also underscores the urgent need for enhanced expertise and transparency in integrating environmental considerations into financial assessments. 

“We are calling for increased disclosure around committee deliberations to understand better how climate risk impacts financial risk and issuer ratings.

“Our findings point towards the necessity for a systemic shift in credit rating methodologies to include climate risks comprehensively. 

At Aston University, we are committed to leading this shift towards a more responsible and forward-thinking financial sector.”

To read the full report, click here.

Notes to Editors

About Aston University

For over a century, Aston University’s enduring purpose has been to make our world a better place through education, research and innovation, by enabling our students to succeed in work and life, and by supporting our communities to thrive economically, socially and culturally.

Aston University’s history has been intertwined with the history of Birmingham, a remarkable city that once was the heartland of the Industrial Revolution and the manufacturing powerhouse of the world.

Born out of the First Industrial Revolution, Aston University has a proud and distinct heritage dating back to our formation as the School of Metallurgy in 1875, the first UK College of Technology in 1951, gaining university status by Royal Charter in 1966, and becoming The Guardian University of the Year in 2020.

Building on our outstanding past, we are now defining our place and role in the Fourth Industrial Revolution (and beyond) within a rapidly changing world.

For media inquiries in relation to this release, contact Sam Cook, Press and Communications Manager, on (+44) 7446 910063 or email:

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