HANS SHODH SUDHA, VOL. 2, ISSUE 2, (2021), pp.

69-80 ISSN: 2582-9777

ESG INVESTING: A CRITICAL OVERVIEW

Ritika Seth1, Shubham Gupta2, Harshita Gupta 3

1
Assistant professor, Hansraj College, University of Delhi, ritikaseth@[Link]
2
Department of Commerce, Hansraj College, University of Delhi,
shubhamg0612@[Link]
3
Department of Commerce, Hansraj College, University of Delhi,
harshitag1214@[Link]

ABSTRACT

The aim of this paper is to study and critically evaluate ESG Investing and Sustainable
Finance which is developed by the instrument called ESG Rating. The intent of this study is to
understand the concept, importance, scope, components, shortcomings and future of ESG
Investing in India. The Increasing adverse effects of climatic conditions and their unpredictable
nature have forced the world to adapt to these changes and mitigate their aftermath by focusing
on the global impact. Apart from studying this concept, the focus has been to understand the
evolution of finance to implement this investing practice. To study how Environmental, Social and
Governance concerns are affecting businesses and the financial market.

Keywords- Investing, Finance, Environment, Social and Governance, Sustainability.

INTRODUCTION Sustainable investing, these terms are

Environmental, Social and interchangeably used with ESG Investing.
(Corporate) Governance better known as With ever changing times and desperate
ESG, is an intangible key evaluating factor climatic conditions, a need for such
for socially responsible and aware proposals and investing criteria emerged
investors. In recent times, Investors are and paved its growth, which has been
stepping up by focusing on these non- majorly driven by responsible investors’
financial factors of social and aspiration to have an impact on the
environmental concerns as a part of their society and environment along with the
analysis to identify selective investments economic benefits of investing. This
with growth opportunities and pin down growth is a net result of a bigger trend
material risks associated with the cycle which is being observed around the
decisions. Sustainable Financing, Impact globe to factor in the efforts to contribute
Investing, mission-related investing, to a global cause and in turn improve

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environmental status. Even though ESG wanted to orient their investments with
Metrics is not a standard practice during their core values and recommended
financial reporting, there is a substantial companies to adhere to a standard of
increment in the number of companies environmental and social responsibility.
who choose to disclose ESG metrics either This mutual fund is active even today.
in their annual financial report or in the ESG investing was on a fast-track during
company’s sustainability report. 2013 and 2014 when the first studies were
This Emerging concept is accepted published which displayed good
and vastly popularised among young corporate sustainability practices along
investors due to awareness and with good financial results. Although the
sensitization over ESG concerns. concept of ESG emerged in Europe, it has
According to a survey conducted by advanced to Canada, Japan, Australia and
Morgan Stanley, 95% of Millennials are the USA. Financial markets in India have
interested in ESG Investing. This growth also entered the umbrella of ESG
trend is also observed in the case of investing.
regular investors and financial A paper by Jacobs, Sinhal and
institutions, who are factoring in ESG Subramaniam (2010) observed the stock
assessments as a key investment decision. market reaction to the announcement of
The UN Principles of Responsible various types of corporate environmental
Investment (UN PRI) has observed an initiatives, like environmental
exponential rise in the signatories to over philanthropy, renewable energy,
2300 signatures catered to institutional voluntary emission reductions, eco‐
investors and the survey by Morgan friendly products, etc. Their study noted
Stanley also states that 85% of individual insignificant results, except for voluntary
investors are interested and consider emission reduction, for which it found
Sustainable Financing while making an significantly negative returns consistent
investment decision. with the paper by Fisher‐Vanden and
LITERATURE REVIEW Thorburn. For environmental
ESG investing emerged more than philanthropy, their study found
200 years ago during the Methodist significantly positive returns.
Movement when people protested against A study by Krüger (2015) focused
companies that manufactured tobacco, on the stock market response to 2,116
weapons, etc. The first sustainable mutual corporate events which are recognised by
fund was launched in the US by Pax KLD as either positive or negative along
World in 1971. This fund was led by two an ESG element. His study found a
United Methodist ministers, Jack Corbett considerably negative response to
and Luther Tyson, who wanted to refrain negative ESG events. A paper by Harvey,
investing church’s money in companies Liu, and Zhu (2016) underlines that purely
that contributed to the Vietnam War. They data-focused research assumes the risk

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of correlation mining, which overfits a preservation of the natural world and

financial model to a specific dataset to its scarce resources. This criterion
observe various correlations that may not vitalises whether a company adopts
exist when tested out of sample. low carbon footprint and follows eco-
As per the results of 1,000 research friendly methods in its functioning.
reports on ESG testing, the correlation This advocates wise and efficient use
between ESG characteristics and financial of resources. Some factors include-
performance was reported inconclusive.  Air and Water pollution
The existing literature found negative,  Biodiversity Loss
positive, and nearly non-existent  Deforestation
correlations between financial  Waste management
performance and ESG, however majority  Carbon footprint, global
of research reports concluded a positive warming
correlation. The ground for such  Climate Change impact
inconclusive results lies in different  Water Scarcity
underlying ESG data used and the various  Natural resource conservation
methodologies applied. As per the paper 2. Social: This aspect focuses on broad
by Krueger (2015), the various empirical features of social aspects, majorly
studies that analysed the relationship pivoting around consideration of
between ESG and financial performance people and relationships. At the core of
do not distinguish between causality and any business organisation are its
correlation. Usually, correlation between people. Socially developed
ESG and financial variables is interpreted organisations respect and hub human
as ESG being the cause and financial value fostering and growth of its employees
the effect, however the transmission can and community. This criterion looks at
be interchanged. a company's business relationships
COMPONENTS/CRITERIONS OF ESG: with its customers, community and
3 key components of ESG are – business partners. It even observes how
Environmental, Social and (corporate) a business organisation upholds social
Governance aspects. Since ESG factors are good in the wider world, which is not
often interrelated, there may be scenarios limited to mere scope of business
where identifying and classifying an ESG activities. Other factors include-
activity as only an Environmental, social  Customer Satisfaction
or governance practice might not be  Gender equality and Diversity
feasible. There are no set examples of ESG  Human rights
issues and the list continues since new  Employee engagement and
emerging issues arise constantly. satisfaction
1. Environment: This component  Labour laws
essentially targets conservation and  Community relations

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 Data protection and privacy and then converted into indices. This
 Engaging in volunteering work rating transforms the raw ESG disclosures
to improve the socio-economic into a key index which creates investment
conditions products and smooths the process for
3. Governance: This criterion elucidates investors.
standards for running a company, it There is a huge array of rating
considers how the board and management practices which ascertains data to be
drive positive changes. This also features included, weighs metrics systems as per
the transparency and ethical well-being of materiality and, culminates subjective
the company and holds the highest data as relative and absolute scores
standards of governance consistently. It internally and transversely in the
also takes into account the executive industries. Although ESG methodologies
management’s behaviour to cater to the and ratings are becoming more vigorous
needs of various stakeholders- employees, along with increase in number of back
shareholders and customers. This is the testing of scores against performance, still
base, the foundation through which a scoring of ESG information largely
company is gauged. Apart from this, other remains in a state of transition.
factors include- Agencies like Bloomberg,
 Composition of the Board of Morningstar, Thomson Reuters, ISS,
Directors Sustainalytics, RobecoSAM, Apex ESG
 Audit committee structure Solutions and firms more focussed on
 Lobbying financial services such as MSCI, etc are
 Whistle-blowing schemes engaging in providing detailed review of
 Bribery and corruption data and ratings through information
 Political associations and provided by firms and outside
contribution consultancies and independent surveys.
 Executive compensation The modus operandi adopted by these
 Engaging in illegal and unfair institutions are intrinsically different but
practices the final ratings published are used by the
ESG RATING, INDICES AND investors in the same way and purpose.
ADVISORY These ratings issued helps these investors
After studying and analysing the to identify companies that adopt better
criterions and factors involved in ESG ESG practices and are sustainably efficient
components, an investor cannot make an and imprinting a positive impact of an
investment decision based on just some investment or business. Some rating
factors stated by a company, ESG systems are ESG performance-based while
information alone is not useful unless it is some are ESG risk-based.
analysed and rated using certain methods

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Table No. 1: ESG criteria- major Index providers

COMPONENTS Bloomberg MSCI Thomson

Reuters

ENVIRONMENTAL Effects from Climatic Climatic change Use of resources

change Pollution and Emissions
Pollution waste generation Innovation
Renewable energy Environmental
Depletion of Resources opportunities
Waste disposal Natural resources
Carbon Emissions

SOCIAL Discrimination Product Liability Human Rights

Political Stakeholder Community
Supply Chain opposition Product
Diversity Human Capital Responsibility
Human Rights Social Workforce
Contribution Opportunities
Community Relations

GOVERNANCE Executive Corporate Shareholders

Compensation Behaviour CSR Strategy
Takeover Defence Corporate Management
Cumulative Voting Governance
Staggered boards
Shareholders’ rights

Key Metrics and Sub- More than 120 34 186

metrics

Different agencies/index providers urged for better standardised reporting

have different ESG criterions for rating measures. Currently 80 exchanges have
purposes. The table above mentions the issued their own reporting guidelines and
factors Bloomberg, MSCI and Thomson many more will follow in coming years.
Reuters take into consideration while Apex ESG solutions, which is a
preparing an index rating. leading ESG analyst issues ESG metrics
Since these ratings are not standardised and the process it follows to release the
and regularised, many stakeholders have rating is discussed below.

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ESG Excellence- ESG experts at Apex $17.1 trillion in 2020. Moreover, according
monitor an organisations’ presence at both to Sustainalytics the NIFTY 100 ESG Index
global and local level. has outperformed its parent index NIFTY
Client Scoping- At this step, a 100, with overall ESG risk rating score at
clarification of need, scope of service and just 24.6 as compared to 27.5 at NIFTY
products is done regarding a business of 100.
the client. Various Critics and ESG analysts’
Data Collection- Data of the business and have pointed out the fact that ESG
operations is collected through secure investments often lose out to financial
lines and contest primary and secondary gain and profit and in turn this restricts
information relating to social indicators the efficiency of financial markets and
and indices businesses. The main focal point of
Analysis, Rating and Benchmarking- A financial markets is to grow investors’
detailed review is carried out and set wealth and maintain a balance in the
against international standards, UN economy. The sense of balance and
Sustainable Development Goals, sector growth is lost when the choices are
peers and relevant regulations. restricted due to ethical principles and
Report Delivery- A customised report is missing out on some good return
prepared and tailored according to the opportunities. This acknowledges the
client’s need and is then delivered. trade-off between ethical principles and
Gap Analysis- A review of the report is profit motive. Milton Friedman, a leading
done and guidance and recommendations economist shares the same school of
are suggested to eliminate any thought and claims that ESG strategies
shortcomings. increase un-necessary expenses and
SHORT-COMINGS/ CHALLENGES TO dissipate shareholders’ and investors
ESG INVESTING profits. He believes that a stock should be
ESG investing sounds very optimal evaluated on the company’s financial
and futuristic and it also has definitive worth and profits.
facts and figures to back it up, though it There are various ESG funds
hasn’t been able to achieve its full which are performing and yielding return
potential in the financial domain and like at par with Index funds barring certain
every other aspect it has its own set of companies that can affect your portfolio’s
challenges and shortcomings to overcome end result. For example, if oil stocks
and achieve the goal of sustainable future. proliferate suddenly and if an ESG fund
The US SIF Foundation: The doesn’t have those stocks, that fund will
Forum for Sustainable and Responsible be out-performed and thus making it
Investment observed a rise in assets held restrictive.
by investors chosen as per ESG criteria. Another challenge ESG investing
This increased from $12 trillion in 2018 to faces is that of being more expensive than

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normal Index funds, ESG funds are 2020. Since the introduction of Nifty 100
slightly more expensive then Index funds ESG Index in 2011, it has outperformed its
due to more research and extensive parent index with a return of 10.6% as
workload. ESG funds require substantial compared to 9.1% of the traditional Nifty
and regular research which can eat up the 100 Index. This proves a steady growing
investor’s earnings since the individual interest in ESG investing by Indian
has to invest more to be in that fund. investors.
Financial Firms often deem ESG The demand and growth for ESG
approaches as a premium product and funds in India is experiencing an upward
charge a higher fee. Moreover, ESG curve and with pandemic hit it all went
supporters had a fallout when The U.S. uphill. The covid crisis turned out to be an
Department of Labor guided fiduciaries inflection point in the minds of Indian
of employee benefit programs to investors and the flow of money has
implement investment strategies based on remarkably risen into ESG funds says
investment performance rather than ESG Kaustubh Belapurkar, Director of Fund
concerns, however, this is not the case for Research at Morningstar India. Earlier
personal investments. Indian investors did not have many ESG
Even with these fallouts and funds options but after October 2020,
challenges, many still believe that more than half a dozen asset management
pursuing ethical principles and following companies have introduced ESG-centric
ESG concerns help a company succeed in fund plans. Major funds include Axis ESG
the long run. For example, if some Equity Fund, Quantum India ESG Equity,
corporate deals in bad faith, acts SBI Magnum Equity Fund (oldest ESG
irresponsibly and is careless in fund in India). Apart from these, ICICI
environmental aspects, this will likely Prudential AMC, Kotak and Aditya Birla
incur liability and damage the image and have also introduced such funds.
reputation of the firm. And as far as it Currently, India has two major ESG
goes for rate of return it is believed that indices, S&P BSE 100 ESG Index and Nifty
ESG funds will yield return at par with 100 ESG Index.
other Index funds over a period of time. As per Morningstar, in the quarter
Also, there is no concrete proof that ESG ended of December 2020 Indian Markets
funds yield less returns. were flooded with a net inflow of ₹3,749
ESG IN INDIA AND SCOPE crores into ESG based funds and in March
The success and growth of ESG 2021 it saw a net inflow of ₹ 678 crores.
investing worldwide paved its way Since inflow of capital into ESG funds in
towards Indian Markets, after being big India is experiencing a boom, it is very
globally. Assets under Management likely that other companies will follow
(AUM) nearly doubled itself in the last through and exhibit better Environmental,
four years amounting to $40.5 trillion in Social and Governance practises.

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The reason for the success of ESG we look at ESG in other parts of the world,
funds in India can be explained largely we can say that we still have a long way to
due to more investors becoming socially go, but nonetheless India is moving ahead
aware and conscious regarding the ESG in this avenue. With regulations becoming
components. Moreover, factors such as more stringent and periodical inspection
statutory regulatory requirements have of regulations moving akin, standards to
played a vital role to impel companies to be ESG compliant are getting robust every
be more ESG compliant. There have been day. It is now imperative for firms to
many cases where companies and follow these regulations and it is better to
business firms were close down or be on a safer side because serious
penalised for not abiding to these repercussions will follow if caught. ESG
regulations, making it clear that severe compliant companies in India will also
consequences will follow. Apart from this, observe a significant rise in market share
many foreign institutional and due to increasing interest by consumers
independent investors are extensively and non-compliant competitors struggling
investing in ESG compliant companies to meet the norms and pass the bar.
and sustainable business models. These Following standards and rules will
lucrative offers have attracted many firms enhance the company’s reputation and
to follow regulations and prospects of credibility by several folds and will also
Foreign Direct Investment (FDI) have attract investors due to a sustainable
made ESG investing even stronger in future.
India. ESG FUNDS IN INDIA
As per Nifty reports, it can be Currently India has 10 ESG centric
concluded that ESG indices are more funds and each fund has different
productive in the post-Covid period than attributes. Some funds have an allowance
the pre-Covid period. Thus, giving an for global stocks, some funds have their
impression that investors are inclining own market capital and have different
towards ESG indices post aftermath of sector preferences and some are passive
Covid. Consequently, ESG portfolio can funds. The ESG Funds in India are SBI
be accredited as Covid free portfolio. The Magnum Equity ESG Fund, Axis ESG
rising concern for environment friendly Equity Fund, Quantum India ESG Equity
methods and Covid pandemic have Fund, Aditya Birla Sun Life ESG Fund,
proved to be the main cause for this boost ICICI Prudential ESG Fund, Invesco India
of ESG funds in India. ESG Equity Fund, Kotak ESG
FUTURE OF ESG INVESTING IN Opportunities Fund, Mirae Asset ESG
INDIA Sectors Leaders FoF, Quant ESG Equity
The way ESG has performed in Fund and HSBC Global Equity Climate
India can be termed as prodigious but if Change Fund.

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Table No. 2: ESG Funds in India- performance comparison

Return(%) as on SBI Magnum Axis ESG Quantum India

12th March 2021 Equity Fund Equity Fund ESG Equity
Fund
3 Months 11.60 8.53 13.63
6 Months 30.52 30.02 35.97
1 Year 49.90 48.04 64.30
5 Years 14.83 - -

 SBI Magnum Equity Fund segments.

(repositioned as SBI Magnum Equity  Quantum India ESG Equity Fund is a
ESG Fund) is one of the oldest existing thematic-ESG mutual fund scheme
ESG Fund in India. Founded in 1987, from Quantum mutual fund. It was
this was a partnership between SBI and launched in July 2019. As on 31 st
AMUNDI (France), which is one of the October 2021, it invested in equity
world's leading fund management holdings of 45 companies with Infosys
firms. SBI Magnum Equity Fund was Ltd, TCS, Housing Development
launched in 1991. It has 42 equity Finance Corpn. Ltd, Wipro and Marico
holdings (as on 19th March, 2021) and Ltd as its top 5 holdings. It has invested
its top holdings include ICICI Bank, 94.75% funds in equity, 5.82% in debt
HDFC Bank, Infosys, TCS and Tata and 0.57% in other segments.
Motors. As on 31 October 2021, it has
st CONCLUSION
invested 95.36% in Equity, 0.05% in ESG Investing has come a long
Debt and 4.59% in other segments. way, a step taken to bring balance and
 Axis ESG Equity Fund is a thematic- responsibility in the corporate world
ESG mutual fund scheme from Axis through the finance domain and financial
mutual fund. It was launched in markets. Growing concern for the
February 2020. As on 31st October 2021, environment and social domain expedited
it has equity holdings in 50 companies a fire among concerned and responsible
with Nestle India, Bajaj Finance, investors and soon started to influence
Avenue supermarts, Wipro Ltd. and others. It is a great initiative to give back
TCS as its top 5 holdings. It has to society and save the planet alongside
invested 96.24% funds in equity and leading to a sustainable future. It is crucial
4.09% in debt and 0.33% in other for every investor, be it small or large, to

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contribute and be a responsible citizen of of our research paper.

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