SINGAPORE - After two decades of rapid growth, environmental, social and governance (ESG) investing is feeling the heat.
For critics, the hot button issues relate to both performance and purpose. Soaring interest rates have sharply raised the cost of capital, impacting green projects and growth companies critical to the net-zero transition. And with the war in Ukraine also driving up fossil fuel prices, the S&P 500 Clean Energy Index has underperformed the S&P 500 Energy Index by more than 30 percentage points (pps) this year alone.
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