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Ukraine war ‘bankrupts’ ESG case, says BlackRock’s former sustainable investing boss

By Bérengère Sim
Tariq Fancy said: ‘What was sold as a panacea already seems to be nonsensical. ESG was ready, this is your moment ESG. But where is ESG?’
Tariq Fancy said: ‘What was sold as a panacea already seems to be nonsensical. ESG was ready, this is your moment ESG. But where is ESG?’ Photo: Getty Images

ESG is in a state of flux. Oil and defence stocks are spiking. Debates rage about whether arming Ukraine is a green-friendly act. Even Elon Musk, the billionaire electric vehicle evangelist, called for ramped up energy output. 

The Ukraine crisis “highlights all kinds of inconsistencies that bankrupt a lot of the underlying theses” behind ESG, Tariq Fancy, former sustainable investing CIO of BlackRock, told Financial News. 

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