“Many investors are attracted to ESG securities on promises of high returns, but they are ‘misguided, Wharton finance professorLuke Taylorsaid on theWharton Business Daily radio show on SiriusXM. (Listen to the podcast here.)

The past performance of ESG securities is not a reliable indicator of returns in the future, especially when past returns were largely driven by ‘shocks’ such as bad news about climate change, he noted. ‘Absent more unexpected shocks in the future, we don’t see those green stocks outperforming [‘brown’ or environmentally unfriendly stocks] in the future.'”

[COMMENTARY] The research paper appears to rest on a common thesis: that high-priced stocks usually provide lower future returns. Time will tell.
Why Green Assets May Not Continue to Outperform, June 29, 2021, Wharton Business Daily, USA.