“Yet over time, I’ve come to realize that the ESG investment industry is by and large little more than a marketing mechanism, and will not lead to productive change…
In 2015-16, for instance, I noticed that one of the largest positions held by Generation Investment Management – co-founded by former U.S. vice-president Al Gore and Goldman Sachs’ Asset Management head David Blood – was in Facebook. This is a company whose business is to collect every possible byte of their users’ data and resell the information to the highest bidder, regardless of the privacy violations that crop up along the way, which is a systematic (though legal?) violation of their users’ privacy.”
[COMMENTARY]I can see the point being made here. Nonetheless, a turn has been made in the financial markets that does promise change for the better concerning ethics and the sustainability of our world.
The ESG investment industry is broken, by James Rastehm January 1, 2021, The Globe & Mail, Canada.