Responding to the growing demand for standardization and simplification in ESG (environmental, social, and governance) data collection processes, Baltic banking associations (Finance Latvia, Lithuanian Banking Association and Estonian Banking Association) and financial service providers have created the Unified cross-Baltic ESG Client Questionnaire.

This initiative aims to streamline ESG data collection and enhance the sustainability assessment process for companies operating within the Baltic region.

1. Facilitating Trustworthy Data Availability: The adoption of this questionnaire by businesses and financial institutions will heighten awareness of ESG topics and facilitate related data availability and quality. It improves ESG data collection practices to meet the banking supervisory expectations for client ESG evaluation following methodologies developed by each of the bank, thereby helping businesses adhere to the evolving financial and regulatory landscape;
2. Equipping for Increasing ESG Disclosure Demands: With a rising call for ESG transparency from a wide array of stakeholders – including regulators, investors, and business partners – this questionnaire may serve as a starting tool for establishing reporting readiness. It enables companies to systematically assess their sustainability performance and be better prepared to showcase their environmental, social, and governance efforts when required;
3. Educating and Promoting Clarity: The initiative to develop a standardized ESG data request form among participating banks seeks to eliminate the guesswork regarding the data required by financial institutions. This questionnaire serves as a guide, outlining the most typical questions that businesses are expected to answer or to work on if immediate answers are not available yet. Aimed at enhancing awareness, this initiative encourages businesses to critically assess their sustainability efforts, fostering a more informed approach to responsible business conduct.