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ESG is broken but we can’t afford to scrap it

·5 min read
ESG is broken but we can’t afford to scrap it

In just two years, Tariq Fancy went from being one of ESG investing’s most powerful champions to its harshest and most outspoken critic. In a three-part tome released on Medium last month, the former BlackRock chief investment officer called the ESG label—a catch-all for products that promise to tackle environmental, social, and corporate governance issues—a “dangerous placebo” that obscures the urgent need for government regulation to spur a transition into clean energy. At a time when private capital is finally pouring into climate innovation, Fancy’s account is best read not as a blanket disavowal of private-sector climate action, but as a to-do list of what needs to be overhauled.