Do indiscriminate environmental, social and governance policies actually harm developing countries? Some say yes. ESG actually harms development in the global south.
In fact, says one study, climate policies will increase poverty.
As has been the reality for many decades, the advice given by some developed world leaders to developing nation leaders makes some rich nation citizens feel better about themselves, but stands in the way of developing nation efforts to improve social and economic well being.
Much the same can be said about other well-intentioned but harmful practices, including foreign aid, which can make life worse for the people of the developing world. In fact, some argue, foreign aid often exacerbates problems. Paradoxically, efforts to help can make matters worse.
More harm than good is not a rare opinion about outcomes, anymore. In the construction of policy it helps if ends and means are aligned. Outcomes we desire have to be supported by means that actually work.
What matters is doing good, not “feeling good.” Too many policies allow us to feel virtuous, but actually make lives worse for the people we impose policies upon.
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