Worker tests artillery shells at the TNT maker Nitro-Chem Chemical Plant in Bydgoszcz, Poland, May 9, 2024.(Kacper Pempel/Reuters)
ESG was — and is — a bogus investment “discipline,” but there is nothing bogus about the damage for which it has been responsible. That included, particularly in Europe, the way that investments in the defense sector were hard to squeeze into ESG’s straitjacket, notgreat at a time when Putin was already on the march.
In an article for Bloomberg in March 2022, Lisa Pham wrote, “The arrival of war in Europe has some investment clients questioning whether money they’ve put toward environmental, social and governance goals is being well spent, according to [Jean-Xavier Hecker,] the co-head of ESG equity
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