Making ESG Real: A Return to Values-Driven Investing

November 2023
Environmental and social investing needs to protect the environment and society – rather than protecting shareholders.

As environmental, social, and governance strategies continue to face ill-informed attacks by conservative politicians, Making ESG Real assesses sincere critiques of responsible investment, and proposes how to achieve its original goals.

Current ESG frameworks measure how environmental and social risks may harm shareholders, rather than how business may harm the world. We show how and why this approach is misguided.

Informed by legitimate scholarly and journalistic critiques of ESG investing, the report offers a dramatically different approach that can revive the original goals of ESG investing—namely, using investment decisions to reflect investor values and to create incentives for companies to conduct themselves in a more responsible fashion.

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