Charlie Robertson of Renaissance Capital, an investment bank, reckons ESG risks becoming code for something else: an excuse for investors to put all of their money in Scandinavia. Prosperous havens rate highly on the criteria ESG investors employ. By contrast, the emerging economies that interest Mr Robertson do badly."

[COMMENTARY]This is an interesting argument, particularly regarding government debt. However, the case could be made that poorly performing governments would be encouraged to perform increasingly better on ESG related parameters to gain lower cost funding. It would also help to improve the quality of life for such countries’ citizens.
Does ethical investment withhold capital from those that most need it? October 25, 2018, The Economist, UK.