What is ESG? Rethinking the “E” pillar
指出ESG投资定义模糊、过度包容的问题，基于能源转型的实证研究，提出重新思考环境支柱的五点准则，以应对资本外流和环境风险。
Abstract Environmental, social and governance (ESG) investing suffers from a well‐documented problem of defining exactly what it is. Anecdotal evidence indicates that overinclusion is the more serious immediate problem, as assets stated to be managed in accordance with ESG criteria have undergone broad expansion. Yet, persistent criticism and frustration with the uncertainty of the meaning and aims of ESG present myriad risks. An abrupt outflow of capital, together with attendant environmental impacts, is one potential consequence if the music stops. We offer a corrective supported by empirical research on the energy transition. Our suggestion is that the environmental pillar, the “E” in ESG, is uniquely quantifiable, yet theoretically underdeveloped in important respects. This circumstance corresponds with emissions ratings regimes that are both loose and misleadingly precise. We suggest a five‐point rubric for rethinking the “E” pillar in view of changing socio‐technical systems that result in the secondary effects of emissions.