Andrew Stuttaford writes about the creatures in the ESG ecosystem:

It is, in other words, yet another creature that flourishes in the ecosystem that ESG has created, staffed by a team who have an interest, naturally enough, in seeing that the demand for their services increases. Its members manage $51 trillion in assets, money that, in many cases, will not be theirs, but will belong to their clients. One wonders what those clients or — where the clients are themselves institutional asset managers — the clients of those clients think of the stance being taken by those to whom they have entrusted their funds, most of whom will have been hired to maximize risk-adjusted financial return. Playing political games with climate policy will do little or nothing to enhance that return and may even reduce it. It won’t do much for the climate either, but that’s a topic for another day.

Read the whole thing here.