A lack of rigorous measurement means that greenwashing is rife and bogus claims go uncontested. Many funds claim that there is no trade-off between maximising profits and green investing, which seems unlikely for as long as the externalities created by polluting firms are legal and untaxed. And environmental, social and governance funds often seek to meet their goals simply by excluding the shares of firms in polluting industries from their portfolios, and piling instead into pricey tech stocks, from Alphabet to Zoom. The value of investments in financial products that claim to abide by environmental, social and governance rules has grown from $23trn to $35trn. Should green funds be used to buy the dirty assets for disposal ?
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