A new tool to help corporate sustainability officers judge how well their companies are meeting their ESG and climate change goals has been launched by MSCI, the firm announced today.

MSCI Corporate Sustainability Insights is designed to enable corporate executives to compare their companies’ fulfillment of ESG and climate change strategies to those of their peers, according to MSCI, a New York City-based firm that provides research, data and support services for the global investment community.

The tool allows corporate executives at companies “tracked by MSCI ESG Research the ability to measure and compare their ESG and climate data versus peers, while also identifying potential disclosure gaps through intuitive charts, graphs and maps,” MSCI said.

The Sustainability Insights tool was created in part to help investors gauge how well companies are performing on ESG issues. It will also help identify companies’ potential disclosure gaps in reporting on carbon-related commitments, and help investors look at the ways companies are exposed to climate-related risks or can benefit from opportunities—and how those risks and opportunities allow them to stack up against competitors, MSCI said.

MSCI ESG Research has measured companies’ ESG performance for more than 40 years through public data and direct engagement with companies, partially in response to the increasing importance of ESG issues to investors, MSCI said. As regulations have increased in recent years, more companies have been making net-zero pledges. As of last March, nearly half of the 2,900 companies in the MSCI ACWI Index, MSCI’s flagship global equity index, had set emission-reduction targets.

Corporations “are in lockstep with institutional investors who are moving towards net-zero and other ESG and climate investing goals,” MSCI said.

“The ESG and climate needs of companies have evolved dramatically as new reporting requirements from regulators and institutional investors have emerged in recent years. It is now more important than ever for listed companies to speak a common language with these audiences about financial opportunities and risks associated with subjects like climate change,” Beth Byington, global head of corporate ESG and climate solutions at MSCI, said in a statement.