a little bit of criticism creeps into BBC’s otherwise approving piece:
28 Sept: BBC: Green investing: How your savings can fight climate change
By Lucy Hooker
Another piece of recent research by French business school, Edhec, found “greenwashing” by funds claiming to be climate-friendly disguised the limited impact their investments were having.
It said money wasn’t flowing to companies that were improving their environmental record, while many that were deteriorating were still being funded.
One leading fund manager, BlackRock’s chief investment officer for sustainable investing, Tariq Fancy, left his job in frustration. He has denounced ESG investing as “sustain-a-babble” arguing it does more harm than good because people think they’re tackling climate change when they’re not.
Ultimately, though, these problems will have to be resolved, says Ben Caldecott, the Lombard Odier associate professor of sustainable finance at the University of Oxford, because shifting financial flows is an essential part of the decarbonisation process.
“There is no solution that doesn’t involve the financial sector changing rapidly. There is no transition without it,” he says...
In fact, how to mobilise private finance is high on the agenda at the COP26 meeting in Glasgow, taking place in November...
https://www.bbc.com/news/business-58544966
Forcing people to invest in things labeled “ESG” helps Blackrock, because it would drive investments to the funds that they manage. It doesn’t matter whether many of the companies that the funds invest in are actually doing much that is intended to alleviate “climate change”.