Market efficiency - for the most part - is also an accepted phenomenon. Companies that either contribute to or suffer from climate change should be well on their way to being valued at zero. But counter - intuitively these companies still exist.
Yet ESG evangelists believe that their beliefs translate into special insight into the valuation of companies.
Belief in climate change and our ability to positively change the future course of the planet isn't the same as investing appropriately for beneficiaries.
Those making ESG - dominant investment decisions today will be long gone when future beneficiaries have less money because of naive active investing decisions.