"A study by Alves (Krueger et al. 2024) reveals that correlations among ESG ratings from major agencies are moderate, ranging between 0.5 and 0.6. This finding, consistent with Berg et al. 2019’s observations on rating inconsistencies, underscores the need for more research into factors influencing ESG performance. Berg et al. 2019 note that using single-agency data, while subject to noise, can still provide valuable insights."