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(Bloomberg) -- Much of the fossil fuel industry may be facing an era of credit downgrades if producers prove too slow to adapt to a low-carbon future, according to Fitch Ratings.Most Read from BloombergImmigrants Are Leaving Canada at Faster Pace, Study ShowsIsrael Latest: Blinken Returning to Israel; Refugee Camp HitZillow Plunges After Verdict on Real Estate Brokerage CommissionsSaudi Forces on Alert After Clash With Iran-Backed HouthisSony’s Bungie Game Unit Cut 8% of Staff After ‘Destiny’ Pl

Companies that do not make progress in net zero transition set to suffer.

The credit ratings industry has yet to figure out how best to incorporate climate risk in its models.

Nature is causing concern for funds as climate-related risks rise.

Environmental, social and governance (ESG) considerations are essential to businesses for the opportunities they bring, and for the reputational and economic risks that arise from making the wrong decisions. In light of the growing interest and scrutiny in ESG matters from within Japan and abroad, the Japanese government has been pushing a range of measures to implement ESG initiatives.