By David Brown
Introduced almost 20 years ago, ESG became the social responsibility yardstick of choice for money managers worldwide. Now, it has become one of the biggest controversies in finance. Investing based on ESG ratings has been called a scam, a failure, an attack on fossil fuels, an example of “woke” capitalism, a mix of greenwashing and corporate deception, a dereliction of fiduciary duty. What happened?