{"id":38999,"date":"2026-03-29T12:16:16","date_gmt":"2026-03-29T10:16:16","guid":{"rendered":"https:\/\/www.co2news.sk\/?p=38999"},"modified":"2026-03-30T06:30:54","modified_gmt":"2026-03-30T04:30:54","slug":"metodologicka-porovnavacia-sprava-dekodovanie-divergencie-v-esg-ratingoch-poprednych-agentur","status":"publish","type":"post","link":"https:\/\/www.co2news.sk\/ar\/2026\/03\/29\/metodologicka-porovnavacia-sprava-dekodovanie-divergencie-v-esg-ratingoch-poprednych-agentur\/","title":{"rendered":"Metodologick\u00e1 porovn\u00e1vacia spr\u00e1va: Dek\u00f3dovanie divergencie v ESG ratingoch popredn\u00fdch agent\u00far"},"content":{"rendered":"

\"\"<\/p>\n

V s\u00fa\u010dasnom investi\u010dnom prostred\u00ed sa presn\u00e1 terminol\u00f3gia st\u00e1va strategick\u00fdm imperat\u00edvom. \u010casto sme svedkami toho, ako pojmy udr\u017eate\u013enos\u0165, spolo\u010densk\u00e1 zodpovednos\u0165 a ESG (Environmental, Social, and Governance) spl\u00fdvaj\u00fa do v\u00e1gneho celku, \u010do vedie k z\u00e1va\u017en\u00fdm interpreta\u010dn\u00fdm chyb\u00e1m. Pre finan\u010dn\u00e9ho analytika toto zm\u00e4tenie predstavuje riziko nespr\u00e1vneho ocenenia akt\u00edv. Rozl\u00ed\u0161enie medzi t\u00fdm, \u010di firma zmier\u0148uje svoj vplyv na svet, alebo \u010di len mana\u017euje environment\u00e1lne rizik\u00e1 pre ochranu vlastn\u00fdch v\u00fdnosov (finan\u010dn\u00e1 materialita), je z\u00e1kladn\u00fdm kame\u0148om modernej investi\u010dnej anal\u00fdzy.<\/p>\n

1. Konceptu\u00e1lny r\u00e1mec: Rozl\u00ed\u0161enie CS, CSR a ESG<\/strong><\/p>\n

Pre h\u013abkov\u00e9 pochopenie trhu s ESG ratingmi je nevyhnutn\u00e9 presne definova\u0165 \u0161tyri k\u013e\u00fa\u010dov\u00e9 term\u00edny, ktor\u00e9 formuj\u00fa s\u00fa\u010dasn\u00fd diskurz o udr\u017eate\u013enom podnikan\u00ed.<\/p>\n\n\n\n\n\n\n\n
Koncept<\/td>\nDefin\u00edcia<\/td>\nHlavn\u00e9 dimenzie<\/td>\nPrim\u00e1rny cie\u013e<\/td>\n<\/tr>\n
Corporate Sustainability (CS)<\/b><\/td>\nPodnikov\u00e9 kroky podporuj\u00face prosperitu, soci\u00e1lnu rovnos\u0165 a enviro-integritu.<\/td>\nEkonomick\u00e1, soci\u00e1lna a environment\u00e1lna<\/td>\nIdentifikova\u0165 a zmierni\u0165 vplyvy na udr\u017eate\u013enos\u0165 a ich vz\u00e1jomn\u00e9 prepojenia (interrel\u00e1cie).<\/td>\n<\/tr>\n
Corporate Social Responsibility (CSR)<\/b><\/td>\nPodnikov\u00e9 kroky podporuj\u00face mor\u00e1lne a soci\u00e1lne zodpovedn\u00e9 spr\u00e1vanie.<\/td>\nSoci\u00e1lna (\u010dasto zah\u0155\u0148a aj environment\u00e1lnu)<\/td>\nIdentifikova\u0165 a zmierni\u0165 spolo\u010densk\u00e9 \u0161kody alebo nezodpovedn\u00e9 spr\u00e1vanie v spolo\u010dnosti.<\/td>\n<\/tr>\n
Environmental, Social, and Governance (ESG)<\/b><\/td>\nS\u00fabor faktorov (E, S a G), ktor\u00e9 m\u00f4\u017eu materi\u00e1lne ovplyvni\u0165 hodnotu podniku.<\/td>\nEnvironment\u00e1lna, soci\u00e1lna a riadiaca (Governance)<\/td>\nIdentifikova\u0165 rizik\u00e1 a pr\u00edle\u017eitosti pre finan\u010dn\u00fa v\u00fdkonnos\u0165 spolo\u010dnosti (ekonomick\u00e9 faktory s\u00fa v\u00fdstupom anal\u00fdzy).<\/td>\n<\/tr>\n
Sustainable Development Goals (SDGs)<\/b><\/td>\nGlob\u00e1lny r\u00e1mec cie\u013eov pre zabezpe\u010denie udr\u017eate\u013enej bud\u00facnosti do roku 2030.<\/td>\nEnvironment\u00e1lna, soci\u00e1lna, ekonomick\u00e1 a riadiaca<\/td>\nZd\u00f4razni\u0165 naliehav\u00e9 glob\u00e1lne v\u00fdzvy a zabezpe\u010di\u0165 udr\u017eate\u013en\u00fa bud\u00facnos\u0165 na celospolo\u010denskej \u00farovni.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

„So What?“ vrstva:<\/b> Prechod od CS k ESG predstavuje paradigmatick\u00fa zmenu. Zatia\u013e \u010do CS sa zameriava na dopad firmy na svet (sustainability as outcome), ESG sa zameriava na dopad sveta na firmu (financial performance as outcome). Kritick\u00fdm bodom je, \u017ee v r\u00e1mci ESG kon\u0161truktu ekonomick\u00e1 dimenzia absentuje ako vn\u00fatorn\u00fd prvok \u2013 sl\u00fa\u017ei v\u00fdhradne ako cie\u013e finan\u010dnej anal\u00fdzy. Tento posun k finan\u010dnej materialite men\u00ed environment\u00e1lne faktory z etickej vo\u013eby na kritick\u00e9 vstupy do ocenenia rizika. Toto pojmov\u00e9 ukotvenie je nevyhnutn\u00e9 pre pochopenie regula\u010dn\u00e9ho tlaku v E\u00da.<\/p>\n

2. Regula\u010dn\u00fd katalyz\u00e1tor v E\u00da: Od dobrovo\u013enosti k povinnej transparentnosti<\/strong><\/p>\n

E\u00da prostredn\u00edctvom „Ak\u010dn\u00e9ho pl\u00e1nu pre financovanie udr\u017eate\u013en\u00e9ho rastu“ transformuje ESG reporting na \u0161tandardizovan\u00fa discipl\u00ednu s cie\u013eom reorientova\u0165 kapit\u00e1l a zamedzi\u0165 greenwashingu.<\/p>\n

    \n
  • NFRD (Smernica o nefinan\u010dnom reportovan\u00ed):<\/b> Platn\u00e1 od roku 2018 pre ve\u013ek\u00e9 subjekty (nad 500 zamestnancov). Hoci bola m\u00ed\u013enikom, trpela pr\u00edli\u0161nou flexibilitou a n\u00edzkou porovnate\u013enos\u0165ou d\u00e1t, ke\u010f\u017ee umo\u017e\u0148ovala firm\u00e1m vybra\u0165 si z viacer\u00fdch nekonzistentn\u00fdch r\u00e1mcov.<\/li>\n
  • SFDR (Nariadenie o zverej\u0148ovan\u00ed inform\u00e1ci\u00ed v sektore finan\u010dn\u00fdch slu\u017eieb):<\/b> Od roku 2021 uklad\u00e1 povinnosti finan\u010dn\u00fdm poradcom a \u00fa\u010dastn\u00edkom trhu s cie\u013eom zv\u00fd\u0161i\u0165 transparentnos\u0165 produktov a zn\u00ed\u017ei\u0165 riziko greenwashingu v portf\u00f3li\u00e1ch.<\/li>\n
  • \u062a\u0635\u0646\u064a\u0641 \u0627\u0644\u0627\u062a\u062d\u0627\u062f \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a:<\/b> Vedecky podlo\u017een\u00fd klasifika\u010dn\u00fd syst\u00e9m definuj\u00faci environment\u00e1lne udr\u017eate\u013en\u00e9 \u010dinnosti. Nastavuje jasn\u00e9 krit\u00e9ri\u00e1 pre \u0161es\u0165 environment\u00e1lnych cie\u013eov, \u010d\u00edm zmier\u0148uje fragment\u00e1ciu trhu.<\/li>\n
  • CSRD (Smernica o vykazovan\u00ed inform\u00e1ci\u00ed o udr\u017eate\u013enosti podnikov):<\/b> Priama odpove\u010f na nedostatky NFRD. Roz\u0161iruje p\u00f4sobnos\u0165 na cca 49 000 firiem, zav\u00e1dza povinn\u00fd audit (uistenie) inform\u00e1ci\u00ed a digit\u00e1lny form\u00e1t d\u00e1t. K\u013e\u00fa\u010dov\u00fa \u00falohu tu zohr\u00e1va EFRAG<\/b>, in\u0161tit\u00facia zodpovedn\u00e1 za tvorbu z\u00e1v\u00e4zn\u00fdch eur\u00f3pskych \u0161tandardov vykazovania.<\/li>\n<\/ul>\n

    „So What?“ vrstva:<\/b> \u00dastredn\u00fdm konceptom je „dvojit\u00e1 materialita“ (Double Materiality). Rozli\u0161uje medzi finan\u010dnou materialitou (vplyv kl\u00edmy na hodnotu firmy) a environment\u00e1lnou\/soci\u00e1lnou materialitou (vplyv firmy na kl\u00edmu a spolo\u010dnos\u0165). Tento dualizmus je k\u013e\u00fa\u010dov\u00fd: firma u\u017e nem\u00f4\u017ee by\u0165 pova\u017eovan\u00e1 za udr\u017eate\u013en\u00fa len preto, \u017ee efekt\u00edvne mana\u017euje svoje finan\u010dn\u00e9 rizik\u00e1, ak jej prev\u00e1dzka negat\u00edvne vpl\u00fdva na biodiverzitu alebo \u013eudsk\u00e9 pr\u00e1va. K\u00fdm regul\u00e1cia vytv\u00e1ra r\u00e1mec, trh s ratingmi pre\u0161iel vlastnou evol\u00faciou smerom ku koncentr\u00e1cii.<\/p>\n

    3. Trhov\u00e1 dynamika: Koncentr\u00e1cia a profil\u00e1cia hlavn\u00fdch hr\u00e1\u010dov<\/h5>\n

    Trh ESG ratingov sa vyvinul od \u0161pecializovan\u00fdch agent\u00far k dominantn\u00fdm finan\u010dn\u00fdm klastrom. T\u00e1to konsolid\u00e1cia integruje ESG d\u00e1ta priamo do mainstreamov\u00fdch finan\u010dn\u00fdch termin\u00e1lov.<\/p>\n

      \n
    • MSCI (MSCI ESG Research):<\/b> Dominantn\u00fd hr\u00e1\u010d, ktor\u00fd vybudoval svoje metodologick\u00e9 dedi\u010dstvo akviz\u00edciou k\u013e\u00fa\u010dov\u00fdch firiem KLD, Innovest a RiskMetrics<\/b>.<\/li>\n
    • S&P Global:<\/b> Integroval \u0161vaj\u010diarsky RobecoSAM (prieskum CSA) a Trucost (environment\u00e1lne d\u00e1ta).<\/li>\n
    • Moody\u2019s ESG Solutions:<\/b> Vznikol akviz\u00edciou eur\u00f3pskeho l\u00eddra Vigeo Eiris a \u0161pecialistu na fyzick\u00e9 rizik\u00e1 Four Twenty Seven.<\/li>\n
    • LSEG (London Stock Exchange Group):<\/b> Kontroluje Refinitiv (p\u00f4vodne Asset4) a FTSE Russell.<\/li>\n
    • Morningstar:<\/b> Vlastn\u00ed Sustainalytics, \u010d\u00edm prepojila ESG anal\u00fdzu s retailov\u00fdm investovan\u00edm.<\/li>\n
    • Bloomberg:<\/b> S\u00fakromn\u00fd gigant vyu\u017e\u00edvaj\u00faci vlastn\u00e9 d\u00e1ta aj strategick\u00e9 partnerstv\u00e1.<\/li>\n
    • Deutsche B\u00f6rse:<\/b> Pohltila agent\u00faru ISS ESG<\/b> (ktor\u00e1 predt\u00fdm akvirovala Oekom Research a Ethix SRI).<\/li>\n<\/ul>\n

      „So What?“ vrstva:<\/b> Konsolid\u00e1cia zv\u00fd\u0161ila profesionalitu a dostupnos\u0165 d\u00e1t, no z\u00e1rove\u0148 vyvol\u00e1va ot\u00e1zky o nez\u00e1vislosti. Integr\u00e1cia do ve\u013ek\u00fdch finan\u010dn\u00fdch domov vedie k dominancii \u010disto finan\u010dn\u00e9ho poh\u013eadu na udr\u017eate\u013enos\u0165. ESG sa st\u00e1va produktom pre maximaliz\u00e1ciu v\u00fdnosov, \u010do m\u00f4\u017ee potla\u010di\u0165 p\u00f4vodn\u00fd syst\u00e9mov\u00fd poh\u013ead na udr\u017eate\u013enos\u0165 (CS).<\/p>\n

      4. Komparat\u00edvna anal\u00fdza metodol\u00f3gi\u00ed: 8 pilierov ESG hodnotenia<\/strong><\/p>\n

      Za jedn\u00fdm p\u00edsmenn\u00fdm ratingom sa skr\u00fdva komplexn\u00e1 hierarchia \u00fadajov a analytick\u00fdch \u00fasudkov. Ni\u017e\u0161ie uv\u00e1dzame metodologick\u00e9 porovnanie \u00f4smich k\u013e\u00fa\u010dov\u00fdch agent\u00far.<\/p>\n

      Tabu\u013eka A: Zdroje \u00fadajov a \u00farove\u0148 zapojenia spolo\u010dnost\u00ed<\/h5>\n\n\n\n\n\n\n\n\n\n\n\n
      Agent\u00fara<\/td>\nPr\u00edstup k d\u00e1tam<\/td>\nZapojenie spolo\u010dnost\u00ed (Engagement)<\/td>\n\u0160pecifick\u00fd prvok<\/td>\n<\/tr>\n
      S&P Global<\/b><\/td>\nDotazn\u00edk (CSA) + verejn\u00e9 zdroje<\/td>\nAkt\u00edvne (dotazn\u00edky a stretnutia)<\/td>\nVerifik\u00e1cia nez\u00e1vislou 3. stranou<\/td>\n<\/tr>\n
      Moody\u2019s<\/b><\/td>\nVE Connect + verejn\u00e9 zdroje<\/td>\nAkt\u00edvne zapojenie firiem<\/td>\nAnal\u00fdza press materi\u00e1lov FACTIVA<\/td>\n<\/tr>\n
      Refinitiv<\/b><\/td>\nV\u00fdhradne verejne reportovan\u00e9 \u00fadaje<\/td>\n\u017diadne dotazn\u00edky<\/td>\nPercentilov\u00e9 sk\u00f3re<\/b> (percentile rank)<\/td>\n<\/tr>\n
      MSCI<\/b><\/td>\nVerejn\u00e9 zdroje + NGO datab\u00e1zy<\/td>\nVerifik\u00e1cia, bez dotazn\u00edkov<\/td>\nT\u00fd\u017edenn\u00fd monitoring kontroverzi\u00ed<\/td>\n<\/tr>\n
      Sustainalytics<\/b><\/td>\nVerejn\u00e9 \u00fadaje + 3rd party v\u00fdskum<\/td>\nBez akt\u00edvneho zapojenia (len sp\u00e4tn\u00e1 v\u00e4zba)<\/td>\n1 300 d\u00e1tov\u00fdch bodov na firmu<\/td>\n<\/tr>\n
      Bloomberg<\/b><\/td>\nLen priame verejn\u00e9 zdroje (prim\u00e1rne)<\/td>\nLen pri oprave ch\u00fdb v disclosure<\/td>\nDisclosure Factor<\/b> (v\u00e1ha pod\u013ea transparentnosti)<\/td>\n<\/tr>\n
      FTSE Russell<\/b><\/td>\nVerejne dostupn\u00e9 inform\u00e1cie<\/td>\nVerifik\u00e1cia cez webov\u00fa platformu<\/td>\nThreshold bands (prahov\u00e9 p\u00e1sma)<\/td>\n<\/tr>\n
      ISS ESG<\/b><\/td>\nVerejn\u00e9 zdroje + NGO\/Gov d\u00e1ta<\/td>\nRo\u010dn\u00e1 pozv\u00e1nka na sp\u00e4tn\u00fa v\u00e4zbu<\/td>\nNorm-based assessment<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
      Tabu\u013eka B: Materialita a kategoriz\u00e1cia v\u00fdstupov<\/h5>\n\n\n\n\n\n\n\n\n\n\n\n
      Agent\u00fara<\/td>\nTyp materiality<\/td>\nMet\u00f3da agreg\u00e1cie \/ V\u00e1ha<\/td>\n\u0160k\u00e1la hodnotenia<\/td>\n<\/tr>\n
      MSCI<\/b><\/td>\nFinan\u010dn\u00e1<\/td>\nIndustry Adjusted Score (IAS)<\/td>\nAAA a\u017e CCC<\/td>\n<\/tr>\n
      Sustainalytics<\/b><\/td>\nFinan\u010dn\u00e1 (Riziko)<\/td>\nUnmanaged Risk (Beta multiplier)<\/td>\n0 \u2013 100 (Rizikov\u00e9 kateg\u00f3rie)<\/td>\n<\/tr>\n
      S&P Global<\/b><\/td>\nDvojit\u00e1<\/td>\n\u0160tatistick\u00e9 korel\u00e1cie s ROA\/ROE<\/td>\n0 \u2013 100<\/td>\n<\/tr>\n
      Moody\u2019s<\/b><\/td>\nDvojit\u00e1<\/td>\nLeadership\/Implementation\/Results<\/td>\n0 \u2013 100<\/td>\n<\/tr>\n
      ISS ESG<\/b><\/td>\nDvojit\u00e1<\/td>\n12-bodov\u00e1 \u0161k\u00e1la \/ Prime Status<\/td>\nA+ a\u017e D-<\/td>\n<\/tr>\n
      Refinitiv<\/b><\/td>\nUnclear (Sektorov\u00fd dopad)<\/td>\nMagnitude weights (decily)<\/td>\n0 \u2013 100 \/ A+ a\u017e D-<\/td>\n<\/tr>\n
      Bloomberg<\/b><\/td>\nFinan\u010dn\u00e1<\/td>\np-mean<\/b> (zov\u0161eobecnen\u00fd priemer)<\/td>\n0 \u2013 10<\/td>\n<\/tr>\n
      FTSE Russell<\/b><\/td>\nFinan\u010dn\u00e1<\/td>\nKombin\u00e1cia Exposure a Score<\/td>\n0 \u2013 5<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

      „So What?“ vrstva:<\/b> Kritick\u00fdm pr\u00edkladom metodologickej divergencie je pr\u00edstup MSCI<\/b> k spolo\u010dnosti McDonald\u2019s<\/b>. Hoci firma vyprodukovala viac emisi\u00ed ako cel\u00e9 Portugalsko, MSCI jej zv\u00fd\u0161ila rating. D\u00f4vodom bolo \u00fapln\u00e9 vyl\u00fa\u010denie emisi\u00ed uhl\u00edka z v\u00fdpo\u010dtu, preto\u017ee analytici us\u00fadili, \u017ee klimatick\u00e9 zmeny nepredstavuj\u00fa bezprostredn\u00e9 finan\u010dn\u00e9 riziko pre zisky akcion\u00e1rov (idiosyncratic issues). Naproti tomu agent\u00fary s dvojitou materialitou (S&P, Moody’s) by tento fakt penalizovali kv\u00f4li syst\u00e9mov\u00e9mu environment\u00e1lnemu dopadu.<\/p>\n

      5. V\u00fdzvy a odpor\u00fa\u010dania pre profesion\u00e1lov: Pre\u010do sa ratingy rozch\u00e1dzaj\u00fa?<\/strong><\/p>\n

      Spoliehanie sa na jeden „\u010dierny skrinkov\u00fd“ rating bez pochopenia pozadia je strategicky riskantn\u00e9. Pod\u013ea \u0161t\u00fadie Berg et al. (2019) existuj\u00fa tri hlavn\u00e9 zdroje divergencie:<\/p>\n

        \n
      1. Measurement Divergence (Divergencia merania):<\/b> Najv\u00e4\u010d\u0161\u00ed prispievate\u013e; r\u00f4zne indik\u00e1tory pre ten ist\u00fd atrib\u00fat (napr. r\u00f4zne metriky pre diverzitu).<\/li>\n
      2. Scope Divergence (Rozsah):<\/b> Ratingov\u00e9 agent\u00fary meraj\u00fa odli\u0161n\u00e9 s\u00fabory atrib\u00fatov.<\/li>\n
      3. Weights Divergence (V\u00e1hy):<\/b> Odli\u0161n\u00e9 n\u00e1zory na relat\u00edvnu d\u00f4le\u017eitos\u0165 atrib\u00fatov.<\/li>\n<\/ol>\n

        K tomu sa prid\u00e1va „rater effect“<\/b>, kde subjekt\u00edvne vn\u00edmanie firmy analytikom ovplyv\u0148uje sk\u00f3re naprie\u010d kateg\u00f3riami, a paradox transparentnosti, kde viac zverejnen\u00fdch \u00fadajov (disclosure) vedie k v\u00e4\u010d\u0161\u00edm rozdielom v ratingoch kv\u00f4li potrebe subjekt\u00edvneho \u00fasudku o ich kvalite.<\/p>\n

        Odpor\u00fa\u010dan\u00e9 „Best Practices“:<\/b><\/p>\n

          \n
        1. Diverzifik\u00e1cia zdrojov:<\/b> Kombinova\u0165 ratingy s finan\u010dnou materialitou (MSCI) a dvojitou materialitou (S&P, ISS).<\/li>\n
        2. Anal\u00fdza surov\u00fdch d\u00e1t (Raw data):<\/b> Sledova\u0165 individu\u00e1lne indik\u00e1tory, nie len agregovan\u00e9 \u010d\u00edslo.<\/li>\n
        3. Monitoring kontroverzi\u00ed (Controversy scores):<\/b> Tieto indik\u00e1tory zachyt\u00e1vaj\u00fa incidenty (napr. \u00faniky d\u00e1t, \u0161kand\u00e1ly) r\u00fdchlej\u0161ie ne\u017e ro\u010dn\u00fd update celkov\u00e9ho sk\u00f3re.<\/li>\n
        4. Kontrola „manageable risk factor“:<\/b> Rozli\u0161ova\u0165 medzi rizikom, ktor\u00e9 firma vie ovplyvni\u0165, a syst\u00e9mov\u00fdm rizikom.<\/li>\n<\/ol>\n

          Bud\u00facnos\u0165 ESG v \u00e9re \u0161tandardiz\u00e1cie<\/strong><\/p>\n

          Nach\u00e1dzame sa na prahu novej \u00e9ry, kde regul\u00e1cie ako CSRD maj\u00fa potenci\u00e1l vnies\u0165 poriadok do „metodologick\u00e9ho divok\u00e9ho z\u00e1padu“. Harmoniz\u00e1cia reportingu prostredn\u00edctvom EFRAG zn\u00ed\u017ei priestor pre subjekt\u00edvne dohady a zv\u00fd\u0161i kvalitu vstupn\u00fdch d\u00e1t.<\/p>\n

          Hoci metodologick\u00e1 divergencia pretrv\u00e1va, posun smerom k meraniu re\u00e1lneho vplyvu (impact) je nevyhnutn\u00fd pre dosiahnutie cie\u013eov Par\u00ed\u017eskej dohody. Finan\u010dn\u00edci si musia uvedomi\u0165, \u017ee ESG rating nie je cie\u013eom, ale n\u00e1strojom. Kvalitn\u00e1 anal\u00fdza bude v\u017edy vy\u017eadova\u0165 kritick\u00fa \u013eudsk\u00fa interpret\u00e1ciu, ktor\u00e1 dok\u00e1\u017ee vidie\u0165 za hranice jedn\u00e9ho \u010d\u00edsla a pochopi\u0165 skuto\u010dn\u00fd vz\u0165ah medzi podnikan\u00edm a svetom. \u00daloha Taxon\u00f3mie E\u00da pri zni\u017eovan\u00ed tejto neistoty bude v nasleduj\u00facich rokoch k\u013e\u00fa\u010dov\u00fdm stabiliza\u010dn\u00fdm prvkom trhu. JRi&CO2AI<\/strong><\/em><\/p>\n

          \u0645\u0635\u062f\u0631: Dokument od Spolo\u010dn\u00e9ho v\u00fdskumn\u00e9ho centra Eur\u00f3pskej komisie<\/span><\/a><\/p>","protected":false},"excerpt":{"rendered":"

          V s\u00fa\u010dasnom investi\u010dnom prostred\u00ed sa presn\u00e1 terminol\u00f3gia st\u00e1va strategick\u00fdm imperat\u00edvom. \u010casto sme svedkami toho, ako pojmy udr\u017eate\u013enos\u0165, spolo\u010densk\u00e1 zodpovednos\u0165 a ESG (Environmental, Social, and Governance) spl\u00fdvaj\u00fa<\/p>","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-38999","post","type-post","status-publish","format-standard","hentry","category-lca_esg_ghg_csddd_csrd_iso_flr"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/posts\/38999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/comments?post=38999"}],"version-history":[{"count":9,"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/posts\/38999\/revisions"}],"predecessor-version":[{"id":39010,"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/posts\/38999\/revisions\/39010"}],"wp:attachment":[{"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/media?parent=38999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/categories?post=38999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.co2news.sk\/ar\/wp-json\/wp\/v2\/tags?post=38999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}