{"id":7475,"date":"2025-11-17T20:52:50","date_gmt":"2025-11-18T00:52:50","guid":{"rendered":"https:\/\/ponddeshpande.ca\/?page_id=7475"},"modified":"2026-01-06T10:11:55","modified_gmt":"2026-01-06T14:11:55","slug":"sustainability-as-business-intelligence","status":"publish","type":"page","link":"https:\/\/ponddeshpande.ca\/fr\/blog\/sustainability-as-business-intelligence\/","title":{"rendered":"ESG is coming full circle: Sustainability as business intelligence"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-top:0px;--awb-padding-bottom:0px;--awb-margin-top:0px;--awb-margin-bottom:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:14px;--awb-spacing-right-large:1.536%;--awb-margin-bottom-large:3px;--awb-spacing-left-large:1.344%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-title title fusion-title-1 fusion-title-center fusion-title-text fusion-title-size-three\" style=\"--awb-text-color:var(--awb-color3);--awb-margin-top-small:0px;--awb-margin-right-small:0px;--awb-margin-bottom-small:40px;--awb-margin-left-small:0px;--awb-sep-color:var(--awb-color3);\"><div class=\"title-sep-container title-sep-container-left\"><div class=\"title-sep sep-single sep-solid\" style=\"border-color:var(--awb-color3);\"><\/div><\/div><span class=\"awb-title-spacer\"><\/span><h3 class=\"fusion-title-heading title-heading-center fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:15;--minFontSize:15;line-height:0.9;\"><span style=\"font-size: 40px;\" data-fusion-font=\"true\">Blog Post<\/span><\/h3><span class=\"awb-title-spacer\"><\/span><div class=\"title-sep-container title-sep-container-right\"><div class=\"title-sep sep-single sep-solid\" style=\"border-color:var(--awb-color3);\"><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 fusion-flex-container nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-top-small:0px;--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-margin-bottom-small:21px;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1 fusion-text-no-margin\" style=\"--awb-text-color:var(--awb-color2);--awb-margin-bottom:0px;\"><p style=\"--fontsize: 40; line-height: 0.9; text-align: left;\">\n<p style=\"text-align: center;\"><i style=\"background-color: rgba(0, 0, 0, 0);\"><span style=\"background-color: rgba(0, 0, 0, 0); line-height: 0;\" data-fusion-font=\"true\"><span style=\"line-height: 1; letter-spacing: normal;\" data-fusion-font=\"true\">This blog post was written by <\/span><\/span><\/i><i style=\"background-color: rgba(0, 0, 0, 0);\"><span style=\"background-color: rgba(0, 0, 0, 0); line-height: 0;\" data-fusion-font=\"true\"><span style=\"line-height: 1; letter-spacing: normal;\" data-fusion-font=\"true\">Taylor R. Gray, Ph.D., <\/span><\/span><\/i><i style=\"background-color: rgba(0, 0, 0, 0);\"><span style=\"background-color: rgba(0, 0, 0, 0); line-height: 0;\" data-fusion-font=\"true\"><span style=\"line-height: 1; letter-spacing: normal;\" data-fusion-font=\"true\">Head of Research and Analytics, Motive Inc., <\/span><\/span><\/i><i style=\"background-color: rgba(0, 0, 0, 0);\"><span style=\"background-color: rgba(0, 0, 0, 0); line-height: 0;\" data-fusion-font=\"true\"><span style=\"line-height: 1; letter-spacing: normal;\" data-fusion-font=\"true\">Wilson-McKenna and Post Doctoral Fellow in ESG,<br \/><\/span><\/span><\/i><i style=\"background-color: rgba(0, 0, 0, 0);\"><span style=\"background-color: rgba(0, 0, 0, 0); line-height: 0;\" data-fusion-font=\"true\"><span style=\"line-height: 1; letter-spacing: normal;\" data-fusion-font=\"true\">University of New Brunswick, <\/span><\/span><\/i><i style=\"background-color: rgba(0, 0, 0, 0);\"><span style=\"background-color: rgba(0, 0, 0, 0); line-height: 1; letter-spacing: normal;\" data-fusion-font=\"true\">Faculty of Management<\/span><\/i><\/p>\n<p><i style=\"background-color: rgba(0, 0, 0, 0);\"><\/i><\/p>\n<p><i style=\"background-color: rgba(0, 0, 0, 0);\"><\/p>\n<p><\/i><\/p>\n<p><i style=\"background-color: rgba(0, 0, 0, 0);\"><\/i><\/p><\/p>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-top:10px;--awb-padding-bottom:54px;--awb-padding-top-small:0px;--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-margin-bottom-small:21px;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-2 fusion-text-no-margin\" style=\"--awb-text-color:var(--awb-color2);--awb-margin-bottom:0px;\"><p style=\"text-align: center;\"><span style=\"color: var(--awb-color3); font-family: 'Proxima Nova Extrabold'; font-size: 40px; text-align: center; background-color: rgba(0, 0, 0, 0);\" data-fusion-font=\"true\">ESG is coming full circle:<\/span><\/p>\n<p style=\"text-align: center; --fontsize: 40; line-height: 0.9;\"><span class=\"TextRun MacChromeBold SCXW26207087 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW26207087 BCX0\" style=\"line-height: 0px; letter-spacing: normal; font-family: 'Proxima Nova Extrabold'; font-size: 40px; color: var(--awb-color3);\" data-fusion-font=\"true\">Sustainability as business intelligence<\/span><\/span><\/p>\n<\/div><div class=\"fusion-text fusion-text-3 fusion-text-no-margin\" style=\"--awb-text-color:var(--awb-color2);--awb-margin-bottom:0px;\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-bottom:2px;--awb-padding-top-small:0px;--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-margin-bottom-small:21px;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-4 fusion-text-no-margin\" style=\"--awb-text-color:var(--awb-color2);--awb-margin-bottom:0px;\"><p style=\"--fontsize: 40; line-height: 0.9; text-align: left;\"><span class=\"TextRun MacChromeBold SCXW177560066 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW177560066 BCX0\" style=\"font-size: 22.6667px; font-family: 'Proxima Nova Extrabold'; color: var(--awb-color3);\" data-fusion-font=\"true\">A Story of Measurement<\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW72455226 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW72455226 BCX0\">The <\/span><span class=\"NormalTextRun SCXW72455226 BCX0\">W<\/span><span class=\"NormalTextRun SCXW72455226 BCX0\">ar on ESG<\/span><span class=\"NormalTextRun SCXW72455226 BCX0\"> is over<\/span><span class=\"NormalTextRun SCXW72455226 BCX0\">. <\/span><span class=\"NormalTextRun SCXW72455226 BCX0\">Far<\/span><span class=\"NormalTextRun SCXW72455226 BCX0\"> from delivering a fatal blow<\/span><span class=\"NormalTextRun SCXW72455226 BCX0\">, all this excitement has <\/span><span class=\"NormalTextRun SCXW72455226 BCX0\">served<\/span><span class=\"NormalTextRun SCXW72455226 BCX0\"> to strengthen the business case for <\/span><span class=\"NormalTextRun SCXW72455226 BCX0\">ESG<\/span><span class=\"NormalTextRun SCXW72455226 BCX0\">, dispelling<\/span><span class=\"NormalTextRun SCXW72455226 BCX0\"> misunderstandings, misconcept<\/span><span class=\"NormalTextRun SCXW72455226 BCX0\">ions, and <\/span><span class=\"NormalTextRun SCXW72455226 BCX0\">hollow <\/span><span class=\"NormalTextRun SCXW72455226 BCX0\">assumptions<\/span><span class=\"NormalTextRun SCXW72455226 BCX0\"> which have <\/span><span class=\"NormalTextRun SCXW72455226 BCX0\">materialized throughout <\/span><span class=\"NormalTextRun SCXW72455226 BCX0\">the last decade as ESG<\/span><span class=\"NormalTextRun SCXW72455226 BCX0\"> achieved near <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW72455226 BCX0\">viral-status<\/span><span class=\"NormalTextRun SCXW72455226 BCX0\"> in business media<\/span><span class=\"NormalTextRun SCXW72455226 BCX0\">.<\/span> <\/span><span class=\"TextRun SCXW72455226 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW72455226 BCX0\" style=\"color: var(--awb-color3);\">What has been made clear is that ESG is a story of measurement, one which has taken a few unexpected turns over the past 25 years of <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW72455226 BCX0\" style=\"color: var(--awb-color3);\">development, yet<\/span><span class=\"NormalTextRun SCXW72455226 BCX0\" style=\"color: var(--awb-color3);\"> unfolded to firmly plant sustainability as the new frontier in business intelligence.<\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW94089035 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW94089035 BCX0\">The axiom \u201cwhat gets measured gets managed<\/span><span class=\"NormalTextRun SCXW94089035 BCX0\">\u201d<\/span><span class=\"NormalTextRun SCXW94089035 BCX0\">,<\/span><span class=\"NormalTextRun SCXW94089035 BCX0\"> holding sway since the <\/span><span class=\"NormalTextRun SCXW94089035 BCX0\">1950s<sup><a href=\"#ref1\">1<\/a><\/sup><\/span><\/span><span class=\"TextRun SCXW94089035 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW94089035 BCX0\">, <\/span><span class=\"NormalTextRun SCXW94089035 BCX0\">has been<\/span><span class=\"NormalTextRun SCXW94089035 BCX0\"> turbocharged at the turn of the century by a <\/span><span class=\"NormalTextRun SCXW94089035 BCX0\">digital transformation <\/span><span class=\"NormalTextRun SCXW94089035 BCX0\">facilitating<\/span> <span class=\"NormalTextRun SCXW94089035 BCX0\">an exponential increase in the measurement of business functions, operations, and performance<\/span><span class=\"NormalTextRun SCXW94089035 BCX0\">. From this, <\/span><span class=\"NormalTextRun SCXW94089035 BCX0\">business intelligence and analytics<\/span> <span class=\"NormalTextRun SCXW94089035 BCX0\">sprung<\/span><span class=\"NormalTextRun SCXW94089035 BCX0\"> to the fore of management science.<\/span><span class=\"NormalTextRun SCXW94089035 BCX0\"> It is in this setting that ESG, or the quantification of corporate environmental, social, and governance performance, <\/span><span class=\"NormalTextRun SCXW94089035 BCX0\">emerged<\/span><span class=\"NormalTextRun SCXW94089035 BCX0\"> and eventually shape<\/span><span class=\"NormalTextRun SCXW94089035 BCX0\">d<\/span><span class=\"NormalTextRun SCXW94089035 BCX0\"> how we understand and operationalize corporate sustainability today.<\/span><\/span><\/p>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_2 1_2 fusion-flex-column\" style=\"--awb-padding-top:16px;--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:0px;--awb-spacing-right-large:0%;--awb-margin-bottom-large:14px;--awb-spacing-left-large:4.032%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-5 fusion-text-no-margin\" style=\"--awb-margin-bottom:-20px;\"><p data-fusion-font=\"true\"><span class=\"TextRun SCXW107953067 BCX0\" lang=\"EN-US\" style=\"background-color: rgba(0, 0, 0, 0);\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW107953067 BCX0\"><span style=\"color: #ea0029; font-family: Proxima Nova Extrabold;\"><span style=\"font-size: 22.6667px;\">From Concept to Novel Industry<\/span><\/span><\/span><\/span><\/p>\n<p data-fusion-font=\"true\"><span class=\"TextRun SCXW107953067 BCX0\" lang=\"EN-US\" style=\"background-color: rgba(0, 0, 0, 0);\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW107953067 BCX0\"><span style=\"font-size: 17.3333px;\">ESG was born as an investment strategy in the early 2000s intended for a particular set of investors<\/span><\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW107953067 BCX0\" style=\"color: #000000; font-family: 'Proxima Nova Semibold'; font-size: 17.3333px;\">, these<\/span><span class=\"NormalTextRun SCXW107953067 BCX0\" style=\"color: #000000; font-family: 'Proxima Nova Semibold'; font-size: 17.3333px;\"> being large, globally diversified institutional investors managing assets across a time horizon measured in decades rather than quarters or years<\/span><span class=\"NormalTextRun SCXW107953067 BCX0\" style=\"color: #000000; font-family: 'Proxima Nova Semibold'; font-size: 17.3333px;\">. <\/span><span class=\"NormalTextRun SCXW107953067 BCX0\" style=\"color: #000000; font-family: 'Proxima Nova Semibold'; font-size: 17.3333px;\">Such investors are typically represented by<\/span><span class=\"NormalTextRun SCXW107953067 BCX0\" style=\"color: #000000; font-family: 'Proxima Nova Semibold'; font-size: 17.3333px;\"> insurance firms, pension funds, and sovereign wealth funds<\/span><span class=\"NormalTextRun SCXW107953067 BCX0\" style=\"color: #000000; font-family: 'Proxima Nova Semibold'; font-size: 17.3333px;\">\u2014<\/span><span class=\"NormalTextRun SCXW107953067 BCX0\" style=\"color: #000000; font-family: 'Proxima Nova Semibold'; font-size: 17.3333px;\">a group we refer <\/span><span class=\"NormalTextRun SCXW107953067 BCX0\" style=\"color: #000000; font-family: 'Proxima Nova Semibold'; font-size: 17.3333px;\">to as universal owners<span style=\"color: var(--awb-color3);\"><sup><a href=\"#ref2\">2<\/a><\/sup><\/span><\/span><\/span><span class=\"TextRun SCXW107953067 BCX0\" lang=\"EN-US\" style=\"color: #000000; font-family: 'Proxima Nova Semibold'; font-size: 17.3333px; background-color: rgba(0, 0, 0, 0);\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW107953067 BCX0\">. <\/span><span class=\"NormalTextRun SCXW107953067 BCX0\">The idea was that<\/span> <span class=\"NormalTextRun SCXW107953067 BCX0\">these investors needed to develop and hold portfolios for such an extended <\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW107953067 BCX0\">period of time<\/span><span class=\"NormalTextRun SCXW107953067 BCX0\"> that they would face not only financial risks<\/span><span class=\"NormalTextRun SCXW107953067 BCX0\"> due to market dynamics<\/span><span class=\"NormalTextRun SCXW107953067 BCX0\"> but also growing <\/span><span class=\"NormalTextRun SCXW107953067 BCX0\">systemic environmental, social, and political risks<\/span><span class=\"NormalTextRun SCXW107953067 BCX0\"> associated with continued <\/span><span class=\"NormalTextRun SCXW107953067 BCX0\">globalization<\/span><span class=\"NormalTextRun SCXW107953067 BCX0\">. <\/span><span class=\"NormalTextRun SCXW107953067 BCX0\">Environmental, social, and governance developments could<\/span> <span class=\"NormalTextRun SCXW107953067 BCX0\">shift the <\/span><span class=\"NormalTextRun SCXW107953067 BCX0\">business landscape and hence be <\/span><span class=\"NormalTextRun SCXW107953067 BCX0\">material to longer-term corporate financial performance<\/span><span class=\"NormalTextRun SCXW107953067 BCX0\">, <\/span><span class=\"NormalTextRun SCXW107953067 BCX0\">et<\/span><span class=\"NormalTextRun SCXW107953067 BCX0\"> to investors\u2019 portfolio performance by extension<\/span><span class=\"NormalTextRun SCXW107953067 BCX0\">.<\/span><\/span><\/p>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-5 fusion_builder_column_1_2 1_2 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:7px;--awb-spacing-right-large:3.84%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:3.84%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-image-element\" style=\"--awb-aspect-ratio:3 \/ 2;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\"fusion-imageframe imageframe-none imageframe-1 hover-type-none has-aspect-ratio\"><img decoding=\"async\" width=\"2560\" height=\"1439\" title=\"40\" src=\"https:\/\/ponddeshpande.ca\/wp-content\/uploads\/2025\/11\/40-scaled.jpg\" class=\"img-responsive wp-image-7820 img-with-aspect-ratio\" data-parent-fit=\"cover\" data-parent-container=\".fusion-image-element\" alt srcset=\"https:\/\/ponddeshpande.ca\/wp-content\/uploads\/2025\/11\/40-200x112.jpg 200w, https:\/\/ponddeshpande.ca\/wp-content\/uploads\/2025\/11\/40-400x225.jpg 400w, https:\/\/ponddeshpande.ca\/wp-content\/uploads\/2025\/11\/40-600x337.jpg 600w, https:\/\/ponddeshpande.ca\/wp-content\/uploads\/2025\/11\/40-800x450.jpg 800w, https:\/\/ponddeshpande.ca\/wp-content\/uploads\/2025\/11\/40-1200x675.jpg 1200w, https:\/\/ponddeshpande.ca\/wp-content\/uploads\/2025\/11\/40-scaled.jpg 2560w\" sizes=\"(max-width: 1024px) 100vw, (max-width: 640px) 100vw, 600px\" \/><\/span><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-3 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-top:1px;--awb-margin-top:1px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-6 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-6\"><p>These investors were encouraged to take into consideration the degree to which the companies they invested in were managing their exposure and response to environmental, social, and governance impacts and developments. In this sense, ESG emerged as a form of risk management within institutional investor decision-making processes fitting within their established fiduciary duties toward their beneficiaries<sup><a href=\"#ref3\">3<\/a><\/sup>.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-7 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-7\"><p>Not surprisingly, when the world\u2019s largest investors took an interest in corporate ESG data, and when the incorporation of ESG data in investment decision-making was positively correlated with financial outperformance<span style=\"color: var(--awb-color3);\"><sup><a href=\"#ref4\">4<\/a><\/sup><\/span>, an entire ESG industry emerged to provide this data. From rating agencies and investment services providers to consultants and business advisory services, markets became awash in ESG data and an effective arms race to provide ever more, and more accurate, ESG data was launched.<\/p>\n<p>At this point, it is important to note, ESG data was largely agenda-neutral, it was simply data abstracted from the interplay of corporate operations in relation to market dynamics, environmental perspectives, and social landscapes. ESG was a universe of information which could be rendered material according to the ends toward which agents applied the information. For the most part, these ends were largely the optimization of risk-adjusted rate of return<span style=\"color: var(--awb-color3);\"><sup>5<\/sup><\/span>. The risk-adjusted rate of return is a measure of an investment\u2019s performance relative to the risk involved in achieving it, noting how a medium, or average, return on a low-risk investment could lead to a higher risk-adjusted rate of return compared to a high return on a high-risk investment, and how ESG data could be helpful in better understanding the risks associated with each investment.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-8 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-8\"><p><span style=\"color: var(--awb-color3);\">Two developments collided to change the course of ESG development. First, a growing awareness of climate change throughout society and the need for collective action culminated with the ratification of the Paris Agreement in 2015 aiming to limit global warming to well below 2\u00b0C, and preferably to 1.5\u00b0C, above pre-industrial levels, and resulted in the emergence of the closely associated Net-Zero narrative and agenda.<\/span> Sustainability was now mainstream and people across all walks of life wanted to buy from, work for, or invest in sustainability-minded companies<span style=\"color: var(--awb-color3);\"><sup>6<sup><\/sup><\/sup><\/span>. Second, the ESG industry, having satisfied the institutional investor demand for data, started looking for new markets to expand into (in true profit maximizing fashion, with a product in hand surely there was someone else they could sell to).<\/p>\n<p><span style=\"color: var(--awb-color3);\">By re-contextualizing ESG data from being agenda-neutral abstractions of corporate performance to measurements of corporate sustainability, a bridge was formed and ESG, previously existing at the margins of financial markets, was made relevant to mainstream consumer and retail investor markets. <\/span>Once agenda-neutral, ESG was now re-marketed as the flagbearer of sustainability, with the terms now presumed interchangeable by media, regulators, and academics<span style=\"color: var(--awb-color3);\"><sup>7<sup><\/sup><\/sup><\/span>. Driven by the pursuit of market expansion, the ESG industry inadvertently pushed the very concept of ESG to become objective-oriented. Re-packaged and re-branded, ESG was transitioned from a risk management perspective of external developments upon corporate financial performance to an evaluation of corporate performance relative to external objectives. In practice, this meant a shift from \u201chow is the company prepared to manage climate-related financial risks?\u201d to \u201chow is the company addressing its contributions to climate change?\u201d\u2014two seemingly related perspectives whose differences prove remarkably distinct when operationalized.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-4 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-9 fusion_builder_column_1_2 1_2 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:0px;--awb-spacing-right-large:3.84%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:3.84%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-image-element\" style=\"--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><span class=\"fusion-imageframe imageframe-none imageframe-2 hover-type-none\"><img decoding=\"async\" width=\"2560\" height=\"1439\" title=\"GH Webpage Graphics (28)\" src=\"https:\/\/ponddeshpande.ca\/wp-content\/uploads\/2025\/11\/GH-Webpage-Graphics-28-scaled.jpg\" alt class=\"img-responsive wp-image-7817\" srcset=\"https:\/\/ponddeshpande.ca\/wp-content\/uploads\/2025\/11\/GH-Webpage-Graphics-28-200x112.jpg 200w, https:\/\/ponddeshpande.ca\/wp-content\/uploads\/2025\/11\/GH-Webpage-Graphics-28-400x225.jpg 400w, https:\/\/ponddeshpande.ca\/wp-content\/uploads\/2025\/11\/GH-Webpage-Graphics-28-600x337.jpg 600w, https:\/\/ponddeshpande.ca\/wp-content\/uploads\/2025\/11\/GH-Webpage-Graphics-28-800x450.jpg 800w, https:\/\/ponddeshpande.ca\/wp-content\/uploads\/2025\/11\/GH-Webpage-Graphics-28-1200x675.jpg 1200w, https:\/\/ponddeshpande.ca\/wp-content\/uploads\/2025\/11\/GH-Webpage-Graphics-28-scaled.jpg 2560w\" sizes=\"(max-width: 1024px) 100vw, (max-width: 640px) 100vw, 600px\" \/><\/span><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-10 fusion_builder_column_1_2 1_2 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:0px;--awb-spacing-right-large:3.84%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:3.84%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-9\"><p><span class=\"TextRun SCXW218155588 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW218155588 BCX0\">This convergence of ESG and sustainability<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">, at least in popular understanding and <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW218155588 BCX0\">practice<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\"> was consequential<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">.<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\"> C<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">oncern over <\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">global sustainability challenges <\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">brought ESG front and center. L<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">egislators<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\"> draft<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">ed<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\"> increasingly prescriptive regulations, such as the EU<\/span> <span class=\"NormalTextRun SCXW218155588 BCX0\">Corporate Sustainability <\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">Reporting Directive <\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">(EU-CSRD) <\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">and the <\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">closely related <\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">Corporate Sustainability Due Diligence Directive<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\"> (EU-CSDDD)<\/span> <span class=\"NormalTextRun SCXW218155588 BCX0\">or the California <\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">Climate Corporate Data Accountability Act<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\"> (CA SB-253)<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\"> and the closely related Climate-Related Financial Risk Act<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\"> (CA SB261)<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">, all <\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">with implications reaching far beyond their respective borders<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">. A<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">t<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\"> the same time, record <\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">inflows<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\"> into ESG and Sustainability-branded<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\"> mutual funds and ETFs<span style=\"color: var(--awb-color3);\"><sup>8<sup><\/sup><\/sup><\/span><\/span><\/span><span class=\"TextRun SCXW218155588 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW218155588 BCX0\"> suggested that free market forces may even take the lead in <\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">pushing companies toward decarbonization and a <\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">broader sustainability<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\"> transition<\/span><span class=\"NormalTextRun SCXW218155588 BCX0\">.<\/span><\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-5 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-11 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-10\"><p><b><span style=\"font-family: 'Proxima Nova Extrabold'; font-size: 22.6667px; color: var(--awb-color3);\" data-contrast=\"auto\" data-fusion-font=\"true\">Responding to Perceived Threats<\/span><\/b><\/p>\n<p><span data-contrast=\"auto\">This momentum started to threaten the established power balance, with some concerned that any focus toward sustainability was a deviation from profit maximization. The battle lines were being drawn, but not against sustainability as this is self-evidently a losing proposition but rather against ESG, whose interchangeable yet less emotive name allows more flexibility for mischaracterization. This was not to be framed as a battle against a more resilient future but rather as a stand against increased regulatory burdens, extra-jurisdictional over-reach, and globalist agendas.<\/span><\/p>\n<p><span data-contrast=\"auto\">Facing a highly charged and politicized arena, the EU sought to delay, simplify, and\/or dilute many of the key pieces of legislation which had up until recently been promoted as championing the transition toward a green economy. <span style=\"color: var(--awb-color3);\">In a similar trajectory, the Canadian Securities Administrators (CSA, the umbrella organization for Canada\u2019s provincial and territorial securities regulators) also indefinitely paused the development of new mandatory sustainability reporting requirements, leaving the newly finalized Canadian Sustainability Disclosure Standards to be engaged on a voluntary basis only<\/span>.Additionally, many ETFs which were quick to adopt sustainability-oriented names on the up-swing were just as quick to shed them during this threat of a down-swing<sup><span style=\"color: var(--awb-color3);\">9<\/span><sup><\/sup><\/sup><\/span>. Capping this shift in momentum, the flood of grandiose (yet typically undefined and undetailed) corporate net-zero statements slowed to a trickle<sup><span style=\"color: var(--awb-color3);\">10<\/span><sup>.<\/sup><\/sup><\/p>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-12 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-11\"><p><span style=\"background-color: rgba(0, 0, 0, 0);\">Yet although the race to talk about sustainability slowed, the efforts to measure ESG metrics internally did not. A survey of 400 executives responsible for business and operational decision-making at US-based companies with over $1bn in revenues (representing the supply chains that many SMEs are selling into) found that 87% of executives are either maintaining or increasing investments in business sustainability in 2025<\/span><span style=\"background-color: rgba(0, 0, 0, 0); color: var(--awb-color3);\"><sup>11<\/sup><\/span><span style=\"background-color: rgba(0, 0, 0, 0);\">. Among these investments, ESG risk mapping and supply chain sustainability are both identified as meaningful drivers of business value and growth. Yet while these investments are continuing, or increasing, 31% report simultaneously decreasing public promotions about them. Expanding the focus, a survey of 500 executives across 40 countries at companies that have, or expected to, report sustainability metrics under the EU-CSRD legislation, report that 28% found \u201csignificant value\u201d from the data and insights collected in preparation for CSRD reporting and over 40% intend to continue with their intended CSRD reporting timeline even as the regulation has recently been diluted and no longer applies to them<\/span><span style=\"background-color: rgba(0, 0, 0, 0); color: var(--awb-color3);\"><sup>12<\/sup><\/span><span style=\"background-color: rgba(0, 0, 0, 0);\">. <\/span><span style=\"background-color: rgba(0, 0, 0, 0); color: var(--awb-color3);\">This is of consequence for many SMEs, including in Atlantic Canada, as larger firms require sustainability data from their suppliers in order to complete their CSRD reporting.<\/span><\/p>\n<p>This is the turning point where sustainability as oriented toward external stakeholders is now being re-oriented internally as ESG performance metrics and engaged as meaningful business intelligence. Companies which were pushed to monitor electricity consumption in order to be able to estimate their Scope 2 greenhouse gas emissions as part of their net-zero commitments have learned that monitoring electricity consumption has helped improve efficiencies, reduce costs, and assist in identifying preventative maintenance requirements irrespective of any public disclosures or grandiose net-zero statements. Larger companies enhancing their supplier codes of conduct, sustainability procurement policies, and supplier auditing capabilities in preparing to comply with emergent EU regulations also found that these steps helped rationalize supply chain dynamics and improve resiliency. Companies once pushed to report on employee diversity and inclusion metrics as part of a DEI campaign have found that ensuring unbiased recruitment enhances talent attraction.<\/p>\n<p>The war on ESG, as mis-guided and mis-construed as it was, was more so a war on a selection of self-styled progressive agendas\u2014agendas which had leveraged the early market legitimacy of ESG yet which were not of ESG themselves. From an origin as performance metrics in service to the pursuit of risk-adjusted rates of return onto an alignment with collective aspirations influenced by self-styled progressive agendas and now back to being performance metrics relevant to corporate growth and development, <span style=\"color: var(--awb-color3);\">ESG has come full-circle and in so doing has re-shaped sustainability as meaningful business intelligence rather than as marketing and PR campaigns. <\/span><\/p>\n<p style=\"font-size: 22.6667px; font-family: 'Proxima Nova Extrabold'; color: var(--awb-color3);\" data-fusion-font=\"true\">Looking Forward<\/p>\n<p>As the popular narrative may be turning away from sustainability, under threat of increased politicization, businesses should be encouraged to push forward with efforts and investments nonetheless. The key is not to be guided by external expectations and perceived pressures but rather by an internal logic. Sustainability is no longer about in-office recycling programs and the occasional Earth Day blog, although these may be important to operational efficiency and public relations, but rather it is about becoming ever more resilient in an increasingly complex and uncertain landscape.<\/p>\n<p>Businesses of all sizes should take the time to determine:<\/p>\n<p>1. How are you exposed to various environmental, social, and political developments over the near-, mid-, and long-terms? Which issues are material to your business development and success as well as that of your suppliers and customers? Remember, material topics may present as risks or opportunities.<\/p>\n<p>2. Through which business functions do the material topics identified in Point #1 potentially impact the company? Broadly applicable business functions may include sales, investor relations, operations, supply chain dynamics, employee relations, as well as others which may be more context-specific to each company undertaking this review.<\/p>\n<p>3. Which indicators across each material topic and associated business function(s) can be monitored to gauge corporate performance over time, and which metrics can assist in evaluation or tracking?<\/p>\n<p>It is through this determination of materiality that ESG metrics bridge external developments and uncertainties to business performance and development, and in so doing help companies become more resilient and sustainable. Identifying and communicating resilience is a novel, albeit critical, objective of business intelligence: if we do not measure it, how can we expect to manage it? If today we are not managing our ability to adapt in a system marked by uncertainty, then what exactly do we expect to be managing one, five, or ten years from now?<\/p>\n<p>ESG emerged at the turn of the century as a generalized framework of performance-related metrics material to institutional investors\u2019 risk-adjusted rates of return. Over a 20+ year development cycle, ESG has been shaped by practice, competing aspirations, and continued research to now being the foundation of sustainability as business intelligence. In this sense, all companies are engaged in ESG, the issue is that not all companies manage their engagement in ESG, and this creates a new competitive frontier\u2014an unexpected benefit of the War on ESG for those who want to seize it.\u200b\u200b\u200b\u200b\u200b\u200b\u200b<\/p>\n<p><span style=\"font-size: 17.3333px; font-family: 'Proxima Nova Semibold'; color: var(--awb-color2);\" data-fusion-font=\"true\">\u200b<span style=\"font-size: 22.6667px; font-family: 'Proxima Nova Extrabold'; color: var(--awb-color3);\" data-fusion-font=\"true\">References:<\/span><\/span><\/p>\n<p id=\"ref1\">1. This axiom arose from the interplay of Peter Drucker and V.F. Ridway\u2019s perspectives on business management and can be best observed in reading Druker, P. (1954). The Practice of Management, Harper &amp; Brothers: New York and Ridway, V.F. (1956). Dysfunctional consequences of performance measurements. Administrative Science Quarterly, 1(2): 240-247. \u200b<\/p>\n<p id=\"ref2\">2. The term was popularized in Hawley, J. and Williams, A. (2000). The emergence of universal owners: some implications of institutional equity ownership. Challenge, 43(4): 43-61. <\/p>\n<p id=\"ref3\">3. How the consideration of ESG factors aligned with the fiduciary duty of institutional investors was a highly contested topic which began to be settled with the publication of Freshfields Bruckhaus Deringer (2005). A legal framework for the integration of environmental, social and governance issues into institutional investment. Produced for the Asset Management Group of the UNEP Finance Initiative. <\/p>\n<p id=\"ref4\">4. The correlation between ESG and financial performance is comprehensively explored in the meta-analysis of Whelan, T., Atz, U, Van Holt, T., and Clark C. (2021). ESG and financial performance: uncovering the relationship from 1,000 plus studies published between 2015-2020, NYU Stern Center for Sustainable Business and available at: <a style=\"color: var(--awb-color4);\" href=\"https:\/\/www.stern.nyu.edu\/sites\/default\/files\/assets\/documents\/NYU-RAM_ESG-Paper_2021%20Rev.pdf\">https:\/\/www.stern.nyu.edu\/sites\/default\/files\/assets\/documents\/NYU-RAM_ESG-Paper_2021%20Rev.pdf <\/a><\/p>\n<p>5. This application of ESG is evident in Verheyden, T., Eccles, R.G., and Feiner, A. (2016). ESG for all? The impact of ESG screening on return, risk, and diversification. Journal of Applied Corporate Finance, 28(2): 47-55 as well as in practice as seen in the governance guidelines for the Dalhousie University Treasury and Investments committee, available at: <a href=\"https:\/\/www.dal.ca\/dept\/treasury-investments\/endowments.html\"><span style=\"color: var(--awb-color4);\">https:\/\/www.dal.ca\/dept\/treasury-investments\/endowments.html<\/span> <\/a><\/p>\n<p>6. According to the NYU Stren Sustainable Market Share Index, products marketed as sustainable are responsible for 41% of all growth in consumer-packaged goods in the USA from 2013 through to 2024, available at: https:\/\/www.stern.nyu.edu\/experience-stern\/about\/departments-centers-initiatives\/centers-of-research\/center-sustainable-business\/research\/csb-sustainable-market-share-index. Similarly, PwC\u2019s 2024 Voice of the Consumer Survey, engaging 20,000 consumers across 31 nations find 80% are willing to pay a premium, averaging up to 9.7%, for sustainably sourced or produced goods, available at: <a href=\"https:\/\/www.pwc.com\/gx\/en\/news-room\/press-releases\/2024\/pwc-2024-voice-of-consumer-survey.html\"><span style=\"color: var(--awb-color4);\">https:\/\/www.pwc.com\/gx\/en\/news-room\/press-releases\/2024\/pwc-2024-voice-of-consumer-survey.html<\/span><span style=\"color: var(--awb-color4);\">.<\/span><\/a><\/p>\n<p>7. The convergence of terms is well developed in Laura Starks\u2019 2023 Presidential Address to The American Finance Association, in Starks, L. (2023). Presidential address: sustainable finance and ESG issues\u2014value versus values. The Journal of Finance, 78(4): 1837-1872.<\/p>\n<p>8. In 2020, ESG ETFs recorded net inflows of $75 bullion USD, over three times the previous year and accounting for 10% of overall ETF net flows globally. ESG assets under management would continue to grow, reaching $30 trillion USD globally in 2022, with expectations to reach $40 trillion by 2030, available at: <span style=\"color: var(--awb-color4);\"><a style=\"color: var(--awb-color4);\" href=\"https:\/\/www.bloomberg.com\/company\/press\/global-esg-assets-predicted-to-hit-40-trillion-by-2030-despite-challenging-environment-forecasts-bloomberg-intelligence\/\">https:\/\/www.bloomberg.com\/company\/press\/global-esg-assets-predicted-to-hit-40-trillion-by-2030-despite-challenging-environment-forecasts-bloomberg-intelligence\/<\/a><\/span><\/p>\n<p>9. The number of ESG-labeled funds dropped 20% following regulatory developments during this period, available at: <a href=\"https:\/\/www.etfstream.com\/articles\/sustainability-named-funds-drop-20-in-wake-of-esma-guidelines-msci-finds\"><span style=\"color: var(--awb-color4);\">https:\/\/www.etfstream.com\/articles\/sustainability-named-funds-drop-20-in-wake-of-esma-guidelines-msci-finds<\/span> <\/a><\/p>\n<p>10 For an example of this, see: <a style=\"color: var(--awb-color4);\" href=\"https:\/\/www.bloomberg.com\/features\/2025-corporate-climate-broken-promises\/ https:\/\/www.theguardian.com\/business\/2025\/oct\/03\/banking-industry-net-zero-alliance-shuts-down-climate-nzba\">https:\/\/www.bloomberg.com\/features\/2025-corporate-climate-broken-promises\/ https:\/\/www.theguardian.com\/business\/2025\/oct\/03\/banking-industry-net-zero-alliance-shuts-down-climate-nzba <\/a><\/p>\n<p>11. Full survey results are available in the EcoVadis 2025 US Business Sustainability Outlook, available at: <a href=\"https:\/\/resources.ecovadis.com\/whitepapers\/the-2025-us-business-sustainability-landscape-outlook\"><span style=\"color: var(--awb-color4);\">https:\/\/resources.ecovadis.com\/whitepapers\/the-2025-us-business-sustainability-landscape-outlook<\/span> <\/a><\/p>\n<p>12. Full survey results available in PwC Global Sustainability Reporting, available at: <a href=\"https:\/\/www.pwc.com\/gx\/en\/issues\/esg\/global-sustainability-reporting-survey.html\"><span style=\"color: var(--awb-color4);\">https:\/\/www.pwc.com\/gx\/en\/issues\/esg\/global-sustainability-reporting-survey.html<\/span> <\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-6 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-top:0px;--awb-padding-bottom:0px;--awb-margin-top:0px;--awb-margin-bottom:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-13 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.536%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:1.344%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-title title fusion-title-2 fusion-title-center fusion-title-text fusion-title-size-three\" style=\"--awb-text-color:var(--awb-color3);--awb-margin-bottom:50px;--awb-margin-top-small:0px;--awb-margin-right-small:0px;--awb-margin-bottom-small:40px;--awb-margin-left-small:0px;--awb-sep-color:var(--awb-color3);--awb-font-size:22.6667px;\"><div class=\"title-sep-container title-sep-container-left\"><div class=\"title-sep sep-single sep-solid\" style=\"border-color:var(--awb-color3);\"><\/div><\/div><span class=\"awb-title-spacer\"><\/span><h3 class=\"fusion-title-heading title-heading-center fusion-responsive-typography-calculated\" style=\"margin:0;font-size:1em;--fontSize:22.6667;line-height:0.9;\">Follow Along<\/h3><span class=\"awb-title-spacer\"><\/span><div class=\"title-sep-container title-sep-container-right\"><div class=\"title-sep sep-single sep-solid\" style=\"border-color:var(--awb-color3);\"><\/div><\/div><\/div><div class=\"fusion-text fusion-text-12\" style=\"--awb-text-color:var(--awb-color2);\"><p><span style=\"background-color: rgba(0, 0, 0, 0);\">This blog is a part of the research summaries for the Green Horizons project. 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