ESG ‘fantasy’ distracts from real climate change fight, says former Blackrock insider

Episode 100 of Down to Business podcast

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The amount of money flowing into funds that market themselves as “sustainable investing funds” is rapidly increasing, and hit a total of just US$2 trillion recently. But are these funds having any impact on the world?

This week, Down to Business features Tariq Fancy, the former chief investment officer for Sustainable Investing at Blackrock, the largest asset manager in the world with nearly US$9 trillion in assets under management.

Today, Fancy runs an educational non-profit from Toronto. (It’s called the Rumie Initiative — it’s free, it’s online and you can check it out at if you want to learn more.)

My interview with him focused on what he learned while at Blackrock and using ESG criteria, the acronym for environment, sustainability and governance to invest. Ultimately, Fancy concluded that ESG investing distracts from the real work of fighting climate change.

Listen on Apple PodcastsSpotifyStitcher and Google Play, where you can also subscribe to get new episodes every Wednesday morning.

If you have any questions about the show, or if there are topics you want us to tackle, email us: [email protected].

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