Forget about the “S” and “G” in ESG investing. For many investors it is all about the “E” for environmental and in particular climate change.

Therein rests an inconvenient paradox.

Many of the firms favoured by ESG proponents, which often tend to be technology or IT-related companies, have insatiable appetites for electricity, much of which can only be supplied through increases in fossil fuel production

Thomas McMahon...