ESG investing, you may have noticed, has become a political lightning rod in the US. To liberals, it’s slowing global warming and fighting social injustice. To conservatives, it’s spoiling the economy and the American dream. So is it saving the world or destroying it? Truth is, it’s doing neither. But left to its own devices, the lucrative ESG fund industry is doing a pretty good job at destroying itself.
Bloomberg Intelligence has estimated that global ESG investment could hit $50 trillion in 2025, triple the amount in 2014. But without a common definition of what makes ...
