{"id":56334,"date":"2024-03-28T15:26:09","date_gmt":"2024-03-28T19:26:09","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/sustainable-finance\/esg-backtesting-unveiling-industry-insights-and-overcoming-criticisms\/"},"modified":"2024-09-13T18:14:25","modified_gmt":"2024-09-13T22:14:25","slug":"esg-backtesting-unveiling-industry-insights-and-overcoming-criticisms","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/sustainable-finance\/esg-backtesting-unveiling-industry-insights-and-overcoming-criticisms\/","title":{"rendered":"ESG backtesting: Unveiling industry insights and overcoming criticisms"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fc3a502ea53]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fc3a502ea53'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/sustainable-finance\/\" rel=\"category tag\">\n                    Sustainable Finance\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">ESG backtesting: Unveiling industry insights and overcoming criticisms<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fc3a5035596'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">March 28, 2024<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fc3a5037fec'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400\">In the ever-evolving landscape of finance, Environmental, Social, and Governance (ESG) investing is more than a buzzword but a force impacting investment strategies. The significance of looking beyond traditional financial metrics to evaluate a company&#8217;s performance cannot be overstated. Our previous blog post, <\/span><a href=\"https:\/\/www.bloomberg.com\/professional\/blog\/esg-backtesting-a-risk-management-approach-to-esg\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">ESG Backtesting: A Risk Management Approach to ESG<\/span><\/a><span style=\"font-weight: 400\">, explored the fundamental role of ESG scores in assessing companies\u2019 performance and managing risks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Building on that foundation, this follow-up blog delves deeper into the correlation between ESG scores and market performances by sector and geography. In particular, we analyze how US and Europe markets price ESG issues and its components over time and across industries. By scrutinizing these details, we hope to provide investors with unique insights that go beyond generic trends observed in the broader market.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">ESG scoring across different sectors and regions<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Bloomberg\u2019s ESG Scores look at the financially material Environmental, Social and Governance data points for a company operating in a specific sector. In this blog, we utilize Bloomberg\u2019s ESG Score Percentile (\u201cScore Percentile\u201d), which is normalized between 0 and 100 with 0 being bad, and 100 being good. The percentile is based on ESG scoring in a peer group and the companies\u2019 aggregated ESG performance. The resulting percentile illustrates what percentage of scores lie below a given company&#8217;s ESG score. The use of <\/span><span style=\"font-weight: 400\">percentiles makes it possible to compare scores for companies in different peer groups.<\/span><\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Manage sustainability-related risks and opportunities<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_1360128085721734068\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/sustainable-finance\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400\">Figures 1 and 2 visualize the distribution of ESG Percentiles for the US and Europe as well as the breakdown by sector, illustrating the diversity of companies\u2019 ESG performance. For example, in figure 1, we can see that there are approximately 12% of European companies with a score lower than 10 and 16% above a score of 90.<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"508\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-1-cor.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Distributions of ESG Percentiles for US and Europe companies\" title=\"Distributions of ESG Percentiles for US and Europe companies\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-1-cor.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-1-cor.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-1-cor.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-1-cor.jpg 862w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"532\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-2-cor.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Distributions of ESG Percentiles for BICS Sectors Level 2\" title=\"Image-2-cor\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-2-cor.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-2-cor.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-2-cor.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-2-cor.jpg 825w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span style=\"font-weight: 400\">ESG backtesting per region: mileage may vary<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Now that we have a measure of ESG performance that facilitates comparisons across sectors and industries, we can systematically backtest these scores and their components to understand the conditions of market performance. To run these systematic backtestings, we conducted an analysis for the period 2016-2023 of companies included in the WORLD Index, a Bloomberg index of the world&#8217;s most liquid companies that covers more than 2,500 companies. We have compiled five equally weighted baskets from this index according to ESG Percentile. Since ESG data reported by companies is annual, we rebalance our basket of stocks to be on an annual basis as well.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As shown in figure 3, performances vary by region and sector. These kinds of divergences are not surprising as the importance of ESG issues varies across industries and cultural priorities around ESG differ across regions.<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"845\" height=\"659\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-3-corr.jpg\" class=\"bbg-single-image__image attachment-Lrgw\" alt=\"Backtesting results by sector BICS level 2, for US and Europe.\" title=\"Image-3-corr\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-3-corr.jpg 845w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-3-corr.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-3-corr.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-3-corr.jpg 768w\" sizes=\"auto, (max-width: 845px) 100vw, 845px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span style=\"font-weight: 400\">Performance across ESG components<\/span><\/h2>\n<p><span style=\"font-weight: 400\">The results in Figure 3 show that ESG Percentile has performed well for the Oil &amp; Gas sector in the US and negatively in Europe. To dig deeper into this, we look at the specific backtesting results of this sector for ESG Percentile as well as its components by Environment, Social and Governance criteria.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Figure 4 shows the results of this backtesting, which are the cumulative market performance of theoretical equity long and short baskets built on each percentile score for both regions. Results highlight that the environmental component of Oil &amp; Gas has been actually performing well in both regions, especially during the period 2021-2023, in the wake of higher inflation post Covid-19. It is interesting to note that in this sector, companies with the best environmental practices have, on average, been rewarded by financial markets. This is just an example of insights one can glean from Bloomberg\u2019s comprehensive and detailed ESG data.<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"413\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-4-corrr.jpg\" class=\"bbg-single-image__image attachment-large\" alt=\"Backtesting results by percentile component for Oil &amp; Gas, Europe and US.\" title=\"Image-4-corrr\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-4-corrr.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-4-corrr.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-4-corrr.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Image-4-corrr.jpg 829w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span style=\"font-weight: 400\">Takeaways for investors<\/span><\/h2>\n<p><span style=\"font-weight: 400\">ESG performance is not uniform across countries, sectors and time. Closely monitoring how markets have reacted to ESG in different conditions can help investors better integrate ESG criteria alongside more traditional financial criteria to make more informed decisions when screening for companies.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bloomberg provides ESG scores for over 15,000 issuers, both public and private, available on the Bloomberg Terminal via ESG SCORE &lt;GO&gt;, W &lt;GO&gt;, and the Excel API. Bloomberg Data License clients can also access Bloomberg\u2019s ESG scores at <\/span><a href=\"https:\/\/data.bloomberg.com\/\"><span style=\"font-weight: 400\">data.bloomberg.com<\/span><\/a><span style=\"font-weight: 400\"> for scalable enterprise-wide use. To learn more about all of Bloomberg\u2019s ESG solutions, please visit our website <\/span><a href=\"https:\/\/www.bloomberg.com\/professional\/solution\/sustainable-finance\/\"><span style=\"font-weight: 400\">here<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fc3a504999c]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fc3a504999c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for 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By scrutinizing these details, we hope to provide investors with unique insights that go beyond generic trends observed in the broader market.<\/p>\n","protected":false},"author":1935,"featured_media":56367,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"524","footnotes":""},"categories":[453,524],"tags":[814,3698,3662],"series":[],"class_list":["post-56334","post","type-post","status-publish","format-standard","hentry","category-markets","category-sustainable-finance","tag-814","tag-enterprise-tech-and-data","tag-esg","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ESG backtesting: Unveiling industry insights and overcoming criticisms | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"We analyze how US and Europe markets price ESG issues and its components over time and across industries. 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By scrutinizing these details, we hope to provide investors with unique insights that go beyond generic trends observed in the broader market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bloomberg.com\/professional\/insights\/sustainable-finance\/esg-backtesting-unveiling-industry-insights-and-overcoming-criticisms\/\" \/>\n<meta property=\"og:site_name\" content=\"Bloomberg Professional Services\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/bloomberglp\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-28T19:26:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-13T22:14:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Ffield.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2400\" \/>\n\t<meta property=\"og:image:height\" content=\"1601\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"mkaczmarski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theterminal\" \/>\n<meta name=\"twitter:site\" content=\"@theterminal\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mkaczmarski\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/sustainable-finance\/esg-backtesting-unveiling-industry-insights-and-overcoming-criticisms\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/sustainable-finance\/esg-backtesting-unveiling-industry-insights-and-overcoming-criticisms\/\"},\"author\":{\"name\":\"mkaczmarski\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/303d143d0de94d7760ef9df6a4176754\"},\"headline\":\"ESG backtesting: Unveiling industry insights and overcoming criticisms\",\"datePublished\":\"2024-03-28T19:26:09+00:00\",\"dateModified\":\"2024-09-13T22:14:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/sustainable-finance\/esg-backtesting-unveiling-industry-insights-and-overcoming-criticisms\/\"},\"wordCount\":\"937\",\"publisher\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#organization\"},\"keywords\":[\"571455\",\"Enterprise Tech and Data\",\"ESG\"],\"articleSection\":[\"Markets\",\"Sustainable Finance\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/sustainable-finance\/esg-backtesting-unveiling-industry-insights-and-overcoming-criticisms\/\",\"url\":\"https:\/\/www.bloomberg.com\/professional\/insights\/sustainable-finance\/esg-backtesting-unveiling-industry-insights-and-overcoming-criticisms\/\",\"name\":\"ESG backtesting: Unveiling industry insights and overcoming criticisms | Insights | Bloomberg Professional Services\",\"isPartOf\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#website\"},\"datePublished\":\"2024-03-28T19:26:09+00:00\",\"dateModified\":\"2024-09-13T22:14:25+00:00\",\"description\":\"We analyze how US and Europe markets price ESG issues and its components over time and across industries. 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