Sustainalytics

What Sustainalytics does

Sustainalytics is an independent ESG and corporate governance research, ratings, and analytics firm headquartered in Amsterdam, Netherlands, founded in 1992. It serves institutional investors, asset managers, banks, and corporates with research coverage spanning more than 15,000 companies globally, delivering ESG Risk Ratings, Low Carbon Transition Ratings, Climate Risk analytics (covering physical and transition exposures across 180 countries), Controversies Research, and Second Party Opinions (SPOs) on sustainable finance instruments. Following its acquisition by Morningstar, Inc. in July 2020, Sustainalytics operates as a wholly-owned subsidiary and has expanded its footprint to 12+ global offices, supported by a headcount in the 1,001–5,000 range.

Its core products are built on a proprietary methodology composed of 200+ indicators and more than 30 years of historical data, distributed through analyst reports, an institutional web platform, and increasingly via API and data feed integrations. The SPO 2.0 framework, launched in April 2025, modernizes Second Party Opinions for the post-EU Green Bond Standard era, while complementary offerings such as the NZIF Data Solution and Nature Data extend coverage into net-zero alignment and biodiversity. Aquantix, acquired in June 2022, underpins the firm's physical climate risk capability with country-level climate hazard modeling across 180 markets.

The firm operates an enterprise B2B subscription and licensing model: institutional investors, banks, and corporates pay recurring fees for access to ESG ratings, data feeds, and platform access, with supplemental revenue from bespoke SPO mandates and partnership-driven engagements such as the November 2025 collaboration with Natixis. Customer evidence spans regulated industries (banking via Natixis), security and aerospace (Verisure, Leonardo), and infrastructure operators (Swedavia), suggesting distribution across multiple sectors rather than dependency on a single vertical. The Morningstar ownership structure provides capital support for continued product investment and M&A, while creating distribution leverage through Morningstar's broader investment data platform.

Name

Sustainalytics

Legal name

Sustainalytics

Website

https://sustainalytics.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Sustainalytics is an Amsterdam-based ESG research, ratings, and analytics firm serving institutional investors, banks, and corporates with proprietary data on 15,000+ companies worldwide. A wholly-owned Morningstar subsidiary since 2020, it provides ESG Risk Ratings, climate analytics, and Second Party Opinions.

Ownership category

akta.pro rank

Product category

ESG Research and Ratings

NAICS

Portfolio Management and Investment Advice (523940), Management, Scientific, and Technical Consulting Services (5416)

SIC

Investment Advice (6282), Services-Computer Integrated Systems Design (7373)

akta.pro primary industry

Sustainable Finance & ESG Ratings/Benchmarking Support (EUAHAJAH)

akta.pro secondary industries

ESG/Sustainable Investment Advisory (FSAEAAAJ), ESG Governance, Sustainability Reporting & Assurance Advisory (BPAHAFAJ), Sustainability, ESG & Climate Risk Advisory (BPAHAJAH), ESG Reporting, Disclosure & Regulatory Compliance (SFDR, EU Taxonomy, TCFD/ISSB) (FSAAALAK), ESG Strategy & Materiality Assessment (EUAHAJAA), Real Estate ESG / Sustainability & Resilience Advisory (Decarbonization, Climate Risk) (BPAJANAI)

Keywords

• ESG research ratings
• Climate risk analytics
• Sustainable finance data
• Corporate governance research
• ESG regulatory compliance

Headquarters

HQ city

Amsterdam

HQ country

Netherlands

HQ region

Europe

Offices12 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. ESG Research and Ratings Licensing: Sustainalytics generates revenue through licensing its ESG ratings, research data, and analytical products to institutional investors, asset managers, financial institutions, and corporations. The licensing model provides access to proprietary ESG Risk Ratings, Climate Solutions, and Regulatory Compliance data through subscription-based agreements and data feed services.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Sustainalytics is an independent ESG and corporate governance research, ratings, and analytics firm providing institutional investors and corporations with proprietary ESG Risk Ratings covering 15,000+ companies, climate risk and transition analytics, sustainable bond second party opinions, and regulatory compliance solutions aligned with SFDR, EU Taxonomy, CSRD, and TCFD standards.

Product overview

Sustainalytics, part of Morningstar Group, operates as a comprehensive ESG research and ratings platform offering a multi-product suite for investors and corporations. The core offerings include ESG Risk Ratings (covering 15,000+ companies with 200+ indicators), Climate Solutions (Physical Climate Risk Metrics, Climate Transition Toolkit with Low Carbon Transition Ratings, Carbon Emissions Data, Nature Data), ESG Regulatory Solutions (EU Taxonomy, SFDR, CSRD), and Analytic & Reporting Solutions (Global Access API, Screening Services, Partner Platforms). Corporate Solutions include ESG Licenses, Top-Rated Companies, and Second Party Opinions for sustainable finance. The platform also provides Controversies Research, Country Risk Ratings, and Portfolio-level ratings. Products are accessible via Morningstar Direct, API & Data Feeds, and Partner Platforms integrations.

Differentiator

Problem solved

Functional benefit

Brands

• ESG Risk Ratings: Flagship product providing ESG risk assessments for companies worldwide
• Climate Transition Toolkit
• Second Party Opinions (SPO)

Products and services

• ESG Risk Ratings Transparent ESG risk ratings providing investors with company-level ESG risk assessments based on over 200 indicators across environmental, social, and governance dimensions, covering 15,000+ companies globally for institutional investors and corporations.
• Physical Climate Risk Metrics Climate risk data assessing physical climate risks affecting properties across 180 countries, supporting real estate investors, banks, and lenders with climate risk evaluation for portfolio and lending decisions.
• Climate Transition Toolkit Comprehensive toolkit combining Low Carbon Transition Ratings, Carbon Emissions Data, NZIF Data Solution, Nature Data, and Climate Reporting (TCFD) for assessing corporate decarbonization trajectories.
• Low Carbon Transition Ratings Ratings assessing company alignment with decarbonization pathways based on actions and governance rather than stated targets alone, supporting transition risk analysis for institutional investors.
• Carbon Emissions Data Comprehensive carbon emissions data for companies across scopes 1, 2, and 3 supporting climate risk analysis, regulatory reporting, and portfolio carbon footprinting.
• Global Access Sustainability research database providing comprehensive ESG data and analytics accessible via API and data feeds for institutional client integration.
• Screening Services ESG screening solutions for investors to filter companies based on regulatory compliance and ESG criteria, supporting exclusion and norms-based screening mandates.
• Second Party Opinions (SPO)

Quantifiable outcome

• Low ESG Risk Portfolio consistently shows strong performance, delivering sustained alpha including during periods of economic shock such as COVID-19, Russia-Ukraine war, and US tariff introduction
• +1 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability4 records

Feature5 records

Partnerships

Two partnerships are on record, tiered minor.

• Danske BankminorImplementation/ SI/ Consulting Partner · 29 January 2026Danske Bank acted as advisor to Swedavia for its green financing framework development. Sustainalytics reviewed and validated the framework aligned with EU taxonomy. This engagement demonstrates Sustainalytics' role in supporting financial institutions' sustainable finance advisory services.
• Natixis Investment ManagersminorGTM or Marketing Partner · 5 November 2025Natixis Investment Managers partnered with Morningstar Sustainalytics for 'The Students Challenge', a virtual portfolio management competition focused on ESG principles. The competition involves managing a $100 million multi-asset portfolio with ESG focus, with finals scheduled for June 2026 in Paris. Sustainalytics provides ESG research and ratings expertise for the competition framework.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• MSCI ESG Research: MSCI's ESG Research unit provides ESG ratings, climate metrics, and sustainable investing analytics to institutional investors, directly competing with Sustainalytics' ESG Risk Ratings, Climate Solutions, and regulatory compliance offerings. Both serve asset managers, pension funds, and banks with comparable data licensing models.
• ISS ESG (Institutional Shareholder Services): ISS ESG offers ESG ratings, climate data, and stewardship solutions for institutional investors, overlapping directly with Sustainalytics across ESG risk ratings, screening, and proxy/research services. Both compete for asset manager and asset owner ESG budgets with subscription-based enterprise licensing.
• S&P Global Sustainable1: S&P Global Sustainable1 provides ESG scores, carbon data, climate analytics, and sustainable finance solutions, directly overlapping with Sustainalytics' ESG Risk Ratings, Carbon Emissions Data, and Climate Transition Toolkit. Both target institutional investors with enterprise data licensing.
• Moody's ESG Solutions: Moody's ESG Solutions provides ESG assessments, climate risk analytics, and sustainable finance tools to financial institutions, competing directly with Sustainalytics across ratings, climate, and regulatory compliance categories for institutional investor clients.
• EcoVadis: EcoVadis provides business sustainability ratings focused on supply chains and corporate procurement, overlapping with Sustainalytics on corporate ESG assessment and benchmarking. While more supply-chain focused, EcoVadis serves enterprise corporate clients with subscription ratings, comparable to Sustainalytics' Corporate Solutions.

Broad incumbents

• Bloomberg ESG Data Services: Bloomberg provides ESG data alongside its broader market data terminal, offering ESG scores, climate metrics, and regulatory datasets. While not ESG-specialist, Bloomberg bundles ESG with terminal subscriptions, making it a frequent competitor in enterprise RFPs against Sustainalytics.
• LSEG (Refinitiv) ESG: LSEG's Data & Analytics segment, including legacy Refinitiv ESG data, offers ESG scores, climate data, and sustainable finance analytics bundled with broader financial market data. As a broad incumbent, it competes with Sustainalytics for institutional ESG data budgets while also serving adjacent market data needs.
• ICE (Intercontinental Exchange) Sustainable Finance Data: ICE provides sustainable finance data and analytics through its fixed income and environmental markets businesses, including green bond verification and ESG data services. As a broad incumbent in financial infrastructure, ICE overlaps with Sustainalytics' sustainable bond SPO and fixed income research offerings.

Emerging players

• CDP (Carbon Disclosure Project): CDP operates a global disclosure system for environmental data (climate, water, forests) used by investors and corporations. While a non-profit with different business model, CDP provides comparable climate and environmental datasets that overlap with Sustainalytics' Carbon Emissions Data and Climate Transition Toolkit.
• RepRisk: RepRisk provides ESG and business conduct risk analytics using AI-driven news and stakeholder data, overlapping with Sustainalytics' Controversies Research and ESG risk monitoring offerings for institutional investors. Smaller scale and narrower scope make it an emerging competitor in risk analytics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks2 records

Key highlights7 records

Customer concentration

• Xx.com/sustainalytics
• Facebookfacebook.com/sustainalytics
• LinkedInlinkedin.com/company/295390

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sustainalytics