Finance
Race to the Bottom: How a Renewable Fund Failed in the ESG Boom
The fund was unable to compete with low-cost offerings from firms like BlackRock and Vanguard.
T. Boone Pickens
Photographer: David Paul Morris/Bloomberg
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It was a moment that should have been a win for environmentalists and sustainable-minded investors alike: a fossil fuel investment vehicle named for late oil tycoon T. Boone Pickens was transforming into a renewables fund to take advantage of interest in the energy transition.
Just five months after the fund was rebranded, it was liquidated after failing to attract investors.