By Quartz
The ESG crackdown is coming for Goldman Sachs
Regulators in the US and Europe are cracking down on greenwashing by financial firms, and on June 10 targeted their biggest potential perpetrator to date: Goldman Sachs. In response to investor interest in climate-friendly products, banks and asset managers have been racing to slap “ESG” labels on their offerings, which ostensibly indicate an investment fund is composed of shares in companies with strong environmental, social, and governance credentials. As a result, many “ESG” funds still hold major emitters like ExxonMobil, and are only marginally less carbon-intensive than the market average.
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