“PaulTicedeliversabody-blowtothepredationsoftheESG-industrial-complex.“--MarkP.Mills,SeniorFellow,ManhattanInstituteOverthepastfewyears,so-called“sustainableinvesting“--anewpracticebasedonthetheorythatenvironmental,social,andgovernance(or“ESG“)factorsshoulddrivecorporatepolicyandinvestmentdecisions--hassweptacrossWallStreet.SpurredonbytheUnitedNations,nationalgovernments,andfinancialregulators,andcheeredonbyacademics,environmentalactivists,andthemedia,theESGorthodoxyhasreceivedlittlepublicresistanceasithasintegrateditselfintoalmosteverycornerofthefinancialsector.By2030,theironcurtainofsustainabilitywillhavefullycastitsshadowacrossWallStreet.TheRacetoZeroprovidesadetailedrebuttaltothecaseforsustainableinvestingfromtheperspectiveofalong-timeWallStreetanalyst,investor,andlatter-dayfinanceprofessor.Sustainableinvestingdoesnotaimtogenerateexcessreturnsforinvestorsortofurtherethicalgoalssuchasimprovingsocietyorsavingtheplanet;rather,itseekstoseizecontroloftheworld’sfinancialsysteminordertoensurethattheallocationofcapitalandinvestmentsacrossmarketsispoliticallyfavorabletoestablishmentinterests.Bylimitingfinancialmarketaccess,ESGisdesignedtocreateacompliantcorporatesectortoserveasbothGreekchorusandfundingsourcefortheenvironmentalandsocialcauseschampionedbygovernmentandtheeliteclass.Climatechangeisitsdrivingforceandprioritygoal,anditsmaintargetsarefossilfuelcompaniesoperatingintheindustrializedWesternworld.Thisbookisdesignedtoexposethesetruthsinplain-spokenlanguage--freeoffinancialjargon--toreachthewidestpossibleaudience,includingthesilentmajorityonWallStreetthatisnowafraidtospeakupaboutESG.
ZERO RACE ESG social INDUSTRIAL CALLED
