Environmental, social, and governance investing, also known as ESG, has exploded in recent years. It promises to help us solve problems such as climate change and inequality, all while allowing investors to still turn a profit. But BlackRock’s former global chief investment officer for sustainable investing, Tariq Fancy, says it isn’t what’s being advertised. Recently, he penned a blog post claiming that not only are ESGs not making societal problems better, they may actively be making them worse.

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