Elon Musk says 'ESG is the devil' with tobacco firms trouncing Tesla in social-responsibility ratings
ESG is a set of standards meant to assess business practices in relation to sustainability and ethical concerns. An increasing number of financial-market participants use ESG-based ratings as a guidance for socially responsible investing – rather than simply buying assets they think will deliver the best returns.
They often use a 1-to-100 ratings scale, determined by research firms like S&P Global and Morningstar., and fails to properly rate companies based on their social contributions. "From S&P Global to the London Stock Exchange, tobacco companies are crushing Tesla in the ESG ratings,""How could cigarettes, which kill over 8 million a year, be deemed a more ethical investment than electric cars?" he added.
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