The article "Climate Change, ESG Criteria and Recent Regulation: Challenges and Opportunities" by Mónica Oliver Yébenes explores the growing importance of Environmental, Social, and Governance (ESG) criteria in the financial world. The primary objective is to analyze ESG indicators and their potential impacts within the framework of non-financial information. The article highlights the regulatory developments, such as the European Corporate Sustainability Reporting Directive (CSRD), which are pushing companies to disclose more detailed ESG information. These regulations aim to make ESG indicators a key set of information for reporters and users, reflecting the social and ecological footprint of companies. The article delves into the implications of these regulations on how corporations will report their social and ecological footprints in external reporting. It emphasizes that ESG data will increase transparency and help stakeholders understand a company's commitment to sustainability. Credit rating agencies are becoming important actors in incorporating ESG risks into their assessments, transmitting the importance of these indicators to investors and markets. The study also examines the different time horizons between financial profitability and sustainability indicators, noting that the current demand for non-financial indicators is less profound and traditional compared to financial indicators. This could lead to a period of adaptation for both worlds to integrate and connect effectively. The article further discusses the relationship between climate change and business risks, including physical risks, transition risks, geopolitical, regulatory, legal, technological, and market risks. It highlights the importance of ESG criteria in evaluating these risks and their potential impact on investment decisions. Finally, the article presents the main conclusions, prospects, and challenges for market players, emphasizing the need to navigate the regulatory landscape and align with sustainable practices to maximize returns while ensuring sustainable and efficient resource allocation.The article "Climate Change, ESG Criteria and Recent Regulation: Challenges and Opportunities" by Mónica Oliver Yébenes explores the growing importance of Environmental, Social, and Governance (ESG) criteria in the financial world. The primary objective is to analyze ESG indicators and their potential impacts within the framework of non-financial information. The article highlights the regulatory developments, such as the European Corporate Sustainability Reporting Directive (CSRD), which are pushing companies to disclose more detailed ESG information. These regulations aim to make ESG indicators a key set of information for reporters and users, reflecting the social and ecological footprint of companies. The article delves into the implications of these regulations on how corporations will report their social and ecological footprints in external reporting. It emphasizes that ESG data will increase transparency and help stakeholders understand a company's commitment to sustainability. Credit rating agencies are becoming important actors in incorporating ESG risks into their assessments, transmitting the importance of these indicators to investors and markets. The study also examines the different time horizons between financial profitability and sustainability indicators, noting that the current demand for non-financial indicators is less profound and traditional compared to financial indicators. This could lead to a period of adaptation for both worlds to integrate and connect effectively. The article further discusses the relationship between climate change and business risks, including physical risks, transition risks, geopolitical, regulatory, legal, technological, and market risks. It highlights the importance of ESG criteria in evaluating these risks and their potential impact on investment decisions. Finally, the article presents the main conclusions, prospects, and challenges for market players, emphasizing the need to navigate the regulatory landscape and align with sustainable practices to maximize returns while ensuring sustainable and efficient resource allocation.