As usual the US is a laggard. Europe is the world leader in ESG now with a green and brown taxonomy identifying risks in a color screen. Climate risk will take center stage. mortgages will default without a national FEMA policy. Insurance underwriting will include climate risks. With lower risks now associated with ESG green securities. Banks will be required to have less capitol on hand. China leads the world here with quarterly banking green stress tests. And of course The ESG bond expert does not need a crystal ball like Larry Fink. The cost of capitol will be allocated according to ESG metrics. ESG loans, ESG bonds and of course a greedy wall street will embrace ESG transitions bonds. As the laggard US moves from a toxic brown economy to a green economy. Oil is out...so is coal there will be no financing or insurance available for these industries.