The Global Landscape of ESG Guidelines and Standards: Corporate Social Responsibility, Responsible Investment, and ESG Compliance

This article analyzes the evolving legal landscape of Environmental, Social, and Governance (ESG) regulation and standardization, highlighting the fragmentation, ambiguities, and power dynamics that characterize current ESG governance. First, it offers a conceptual clarification of ESG and contrasts it with the historically established Corporate Social Responsibility (CSR) framework, tracing the shift from voluntary ethics-based approaches to legally binding obligations. Second, it examines the transatlantic divide between the United States and the European Union, with a particular focus on the transition from voluntary disclosure in the U.S. to mandatory ESG reporting frameworks in the EU. Third, the paper investigates the definitional inconsistencies and methodological challenges surrounding ESG standards, ratings, and frameworks. Fourth, it provides an overview of current EU legal instruments—including the CSRD, EU Taxonomy, and EFRAG initiatives—and analyzes their implications for companies, regulators, and investors. Finally, it presents a comparative snapshot of the global status quo regarding ESG standard integration and regulatory approaches. Across all sections, the paper highlights the need for a coherent legal framework, robust quality infrastructure, and harmonized standard-setting mechanisms to support effective and credible ESG implementation. Note: This is the full length article (approx. 24,000 words), while a shortened version is currently in preparation for submission to a peer-reviewed journal.