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Wow, this is chilling.


In case it wasn't obvious: the examples are firmly tounge-in-cheek.

The point is simply that markets are designed for maximizing incentives, and "ESG" as commonly defined isn't -- at least definitionally -- aligned with those incentives.

That point is pretty value neutral with respect to ESG goals; ie, believe what you want about how the world ought to be, but don't fool yourself into thinking that throwing you slogans at markets with different incentives will result in outcomes consistent with your sloganeering.




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