“Sustainability” investments became popular a few years back.
So-called experts said companies shouldn’t just focus on profit. They should put more effort into being “nice.”
Funds pushing ESG (environmental, social and governance) were all the rage.
Giant investment firms like BlackRock pressured companies to hire more women and minorities. CEO Larry Fink announced, “All investments are going to be looked through sustainability.”
But “sustainability” is a mostly meaningless word.
Parnassus claimed it helped meet UN sustainability goals of “nutrition” and “sanitation” by investing in U.S. Foods and Clorox.
Starbucks phased out plastic straws while adding lids that used more plastic.
BP rebranded itself as “Beyond Petroleum.” Wisely, it mostly invested in petroleum.
Former Vice President Al Gore made money peddling climate change…
