* As the former chief investment officer of Sustainable Investing at
BlackRock, the largest asset manager in the world with $8.7
trillion in assets, I led the charge to incorporate environmental,
social and governance (ESG) into our global investments. In fact, our
messaging helped mainstream the concept that pursuing social good was
also good for the bottom line. Sadly, that's all it is, a hopeful idea.
In truth, sustainable investing boils down to little more than
marketing hype, PR spin and disingenuous promises from the investment
community.*
In the 1990s or 2000s, someone challenged me to look for an ethical
investment fund. As it happened, I was acquainted with someone to had
started one — an independent company. The fund stated its criteria
and it listed its investments.
I think the fund was honest. The main investment was Microsoft.
Microsoft got a high ethical grade, according to the usual criteria —
which did not include the question of whether software respected the
freedom of its users.
I did not invest in the fund.