The mood music is changing on ESG. The latest evidence comes from a recent Carlyle Global Insights note. Divesting from fossil fuel-heavy companies is only a partial solution to climate change, the report argues, in what appears to echo a market-wide move back to fossil fuel investment. While divestment raises the cost of capital for polluters, it does nothing to address underlying demand, Carlyle says, leaving the work of creating a sustainable climate only half-done. The note comes as asset managers of all stripes pour funds back into oil and gas to chase returns in a volatile market favoring commodities.
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