"Investors' enthusiasm for financing the green transition is growing—just look at the surge of interest in the electric-car industry. Tesla's shares rose by 50% in 2021; those of catl, China's battery giant, rose by 68%. Yet if you look more closely, you will find huge problems. If the world is to reach net-zero emissions by 2050, investment will need to more than double, to $5trn a year. And fund management is rife with “green-washing”. Sustainability-rating schemes have proliferated but are wildly inconsistent, while many funds mislead investors about their green credentials..."

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