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Greenwashing Is Increasingly Making ESG Moot

Fossil fuel holdings, Russia’s war and revelations about who’s investing there are battering the strategy’s original meaning.

Flames shoot from towers at the Exxon Mobil Torrance Refinery in California. With more big so-called ESG funds investing in companies that sell the fossil fuels whose burning is behind global warming, the investment category is fast losing its purpose. 

Flames shoot from towers at the Exxon Mobil Torrance Refinery in California. With more big so-called ESG funds investing in companies that sell the fossil fuels whose burning is behind global warming, the investment category is fast losing its purpose. 

Photographer: Patrick T. Fallon

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The concept behind ESG keeps getting harder to defend.