SHAWN HAGEDORN: From pricing securities to managing ESG investments — a changing industry

There have been harsh trade-offs and unintended consequences, with low-income households often suffering mostA floating solar farm is shown at the Sirindhorn Dam, a hydro-solar hybrid project on the Lam Dom Noi River in Sirindhorn District, Ubon Ratchathani, Thailand. Picture: BLOOMBERG/NICOLAS AXELROD

“Externalities” are costs, unpaid by consumers, which societies incur. Coal, oil and natural gas are big sources of both carbon emissions and reliable energy. The remedy widely touted by economists to counter such externalities is a universal carbon tax, as this would encourage an orderly transition from fossil fuels.

Since the 2016 Paris accord, national leaders have been making bold, though mostly distant, pledges to combat climate change. Over the past year, ESG funds have suddenly been exerting far greater influence on energy companies. ESG managers can be accused of usurping political powers in pursuit of greater influence and fee income. On the face of it, the fund managers are guilty as charged. However, when did it become bad to make money by advancing socially desirable objectives? Lurking in the background is the perception that the sudden popularity of ESG investing reflects declining faith in political processes.

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