Thank you.
I think the challenge people have is this notion that greenwashing happens. You slap the ESG moniker on something....
BlackRock introduced what I think they call a U.S. carbon transition readiness ETF product. They called it “ESG” and raised $1.25 billion in a single day, which is a record. Guess what the top three holdings are of that fund. They're ExxonMobil, Chevron and ConocoPhillips. For the top ESG fund managers in the year 2020-21 in the U.K., the top financial fund managers who manage ESG assets, guess what the top fund managers' top holdings were. They were ExxonMobil, ConocoPhillips, Valiant and Shell.
There is zero consistency or regulation with respect to using the terms “green” and “sustainable”. In some cases, they're used much more as a marketing scheme than they are realistically.... That's something else I'm interested in.
I think that's my time, Mr. Chair.