Opinion | The 'sustainable' investing fad is based on a Wall Street-created myth. By s_sharfman.
that will require a broad range of mandatory climate change disclosures, facilitating the providing of ESG ratings and the creation of ESG funds. For this to take place, the SEC must not only determine that it has legal authority to do so under the applicable legal statutes, which I discuss in, but also whether it wants to use its discretionary rule-making power in this regard.
In coming to a decision on the use of its discretion, I suspect that at least some of the SEC commissioners will be influenced by the presumption that by requiring mandatory climate change disclosures they are going to somehow help mitigate climate change. The incorporation of this presumption may encourage those commissioners to test the limits of their legal authority.
However, before doing so, I urge each commissioner to take a critical look at the empirical evidence — not just the marketing hype that is coming out of the investment industry. If they can find good empirical evidence demonstrating that investment in ESG funds provides a significant benefit in mitigating climate change, then it may be appropriate, depending on what the law allows, for the SEC to take a broad based approach to its new disclosure rules.
However, I doubt such empirical evidence actually exists, requiring the SEC to take a more restrictive approach in promulgating a new rule on climate change disclosures. In sum, before investors dive into ESG investing and regulators approve new rules that support such investing, I hope all parties take into consideration that such investing will not mitigate climate change.
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