A strangely paradoxical feature of current markets is how global capital manages to be both supportive and subversive of the environmental, social and governance agenda that has been a central focus of investor attention around the COP26 climate change summit.
Equity funds with socially responsible investing or ESG mandates have attracted twice as much money in the year to date as their counterparts without them, according to data provider EPFR.
Yet this push for decarbonisation and social responsibility, which is as much an asset management marketing ploy as a token of virtue, is primarily an equity market phenomenon.
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