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Germany鈥檚 environment minister Svenja Schulze has called for a new system to rate companies not only according to their financial performance, but also according to sustainability criteria, such as their impact on the climate. 鈥淩atings shouldn鈥檛 just depend on how much companies earn,鈥� Schulze said at a conference on climate policy鈥檚 impact on the economy and businesses organised by the environment ministry (BMU). She said the current credit rating system represented a 鈥渇undamental flaw in how financial flows are directed鈥�. 聽Schulze explained that a company currently rated 鈥淎AA鈥� - a grade used by rating agencies such as Standard&Poor鈥檚, Moody鈥檚, and Fitch to indicate top-notch credit worthiness - can still be highly unsustainable when it comes to environmental and social criteria. 鈥淲e need a different rating system,鈥� Schulze said, adding she was convinced that an alternative approach would soon be put into practice.

The environment minister鈥檚 remarks came only days after Chancellor Angela Merkel called for a comprehensive reform of financial markets towards better support for climate action. A German State Secretaries鈥� Committee for Sustainable Development in February agreed that the country should develop a tight-knit institutional network for sustainable finance and promote its principles both to other governments and the private sector.