Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

An $8 Billion ESG Market Pits EU Lawmakers Against Audit Firms

June 20, 2022, 4:00 AM

There’s a standoff brewing between European lawmakers and the Big Four accounting firms as they try to lay claim to an ESG market that may generate fees of as much as $8 billion a year.

Roughly 50,000 European companies -- big and small -- will need to hire qualified firms to evaluate their ESG reports once new EU sustainability disclosure requirements are finalized. The dispute playing out in Brussels centers on who gets to do that work, with lawmakers worried that global accounting firms will achieve the same dominance in sustainability reports that they already enjoy in financial audits.

KPMG ...