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The Future of ESG Investing
I think ESG investing is really going to change. I think for now it was just adding a layer of environmental, social and governance analysis on top of the real analysis. The key component will be to find what we call the financial materiality, meaning a company that has lower climate risk will have a better financial performance. And if this doesn't come from free markets, which is what the US and Canada and Northern America is convinced of, then different actors will lobby government to create that incentives.