I completely agree. The question, whether ESG Factor Investing has the intended effect of improving our world at all is much more relevant. The strong forces towards increasing market efficiency would counteract, as can be seen from other factor Investing. For example, Value Investing looses its outperformance rapidly since detection. Why should the ESG factor behave differently? If not so, market forces would take care of even capital allocation to the ESG as well as to the sin factor.