Our Impact
Building a European champion of independent credit and sustainability ratings with EthiFinance
Sector: Low carbon economy
Impact on UNSDGs
EthiFinance is a European leader in sustainable finance, specialized in both ESG and credit ratings, and one of Europe’s largest independent credit and sustainability rating agencies. Founded in Paris in 2004, EthiFinance is registered with the European Securities and Markets Authority (ESMA) and recognized by both the European Insurance and Occupational Pensions Authority (EIOPA) and the European Banking Authority (EBA). It is also an active member of the European Association of Credit Rating Agencies (EACRA) and the European Association of Sustainability Rating Agencies (EASRA).
In July 2026, EthiFinance merged with ESG Book, the Frankfurt-based sustainability data and technology platform launched in 2018. Operating under the EthiFinance brand, the combined group provides investors, banks and corporates with ESG and credit ratings, sustainability and credit data, portfolio analytics, regulatory reporting, benchmarking and supply chain risk management, delivered through a fully integrated technology platform. Guided by a double materiality approach, it helps its clients manage credit risk alongside environmental and social factors, combining deep expertise on European small and mid-caps with global coverage, and addressing critical sustainability data gaps in private markets.
EthiFinance now serves more than 500 clients with a team of over 300 experts across Europe, the United States, India and Japan.
>9,000 ratings
delivered, worldwide
>500
clients
>250
experts across Europe, the U.S., India and Japan
Meridiam’s Green Impact Growth Fund (GIGF) first invested in ESG Book in June 2022, alongside Energy Impact Partners (EIP), a leading US-based climate impact fund, and Allianz X, and supported the company again in 2025. Following the merger of ESG Book with EthiFinance in July 2026, Meridiam’s Green Impact Growth Fund became a shareholder of the combined group.
Why We Invested in EthiFinance
To support the growth of an independent European provider of credit and sustainability ratings and to contribute to a more transparent allocation of capital towards sustainable activities:
- Combine ESG Book’s global data coverage and technology platform with EthiFinance’s credit and ESG rating expertise
- Accelerate the cross-selling of integrated credit and sustainability solutions to European financial institutions and corporates
- Strengthen the offer of credit and ESG ratings for European small and mid-caps, and help close the sustainability data gap in private markets
- Build a unified technology platform to expand ESG coverage and meet evolving regulatory requirements
EthiFinance’s impact
EthiFinance’s major contributions to the United Nations Sustainable Development Goals are mostly on:
- SDG 16 – Peace, Justice and Strong Institutions, by providing independent and transparent ratings and data that strengthen accountability in financial markets;
- SDG 13 – Climate Action, by giving financial actors the climate data, climate risk analysis and second-party opinions on green bonds they need to direct capital towards decarbonization;
- SDG 12 – Responsible Consumption and Production, by encouraging companies to disclose sustainability information and integrate it into their reporting;
- SDG 8 – Decent Work and Economic Growth, by facilitating access to financing for European SMEs and mid-caps through the rating of their debt instruments
