Sustainable Investment Focus Shifts
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Business & Economics
Like defense, Goldman says ESG investors should bring oil and gas stocks in from the cold
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Investments focused on environmental, social and governance (ESG) factors tend to favor companies that score highly on certain criteria, such as climate change or corporate transparency.
Tobacco giants, fossil fuel companies and weapons makers have typically been excluded from sustainable portfolios.
"I think the energy companies that lead the energy transition should be a cornerstone of ESG funds," Goldman Sachs' Michele Della Vigna said.
So, I would find it hard to believe that they would say they are going to start investing in oil and gas companies," Good told CNBC by telephone. "Now, I think what you could start to see is some loosening around the edges, whereby they come to some agreement where a company is investing X amount in renewable energy, or their earnings will be X amount in 10 years , then maybe a Total[Energies] gets into the portfolio. But someone like an Exxon or even a Chevron I would find that hard to see how that gets in ESG ," he added..