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Hello and welcome to another episode of the All Thoughts podcast. I'm Tracy Alloway.

And I'm Joe Weisenthal. Joe, how many ESG press releases do you get in a day? What'd you say?

All the half of my inbox. I don't like making fun of PR people too much because it's

sort of cheap. You know, journalists always wind about PR people. But half of my inbox is

cryptocurrencies experts who want to tell me about cryptocurrencies and the other is people who

want to tell me about some sort of thing with sustainable investing, aka ESG.

Yeah, I kind of love how it's two extremes of the barbell, right? It's cryptocurrencies taking

up a bunch of electricity and then at the other end, sustainable finance. But I wouldn't necessarily

blame the PR people because there is this huge industry that has cropped up and grown around ESG

for those that don't know. It stands for environmental, social, and corporate governance.

And I think we've had something like $500 billion worth of money raised by companies and

governments for ESG projects. We've had more than 800 billion flowing into ESG funds. And as our

inboxes can attest to, we've had hundreds of new ESG funds launched recently.

There is certainly a lot of money in it. You're right. We can't blame the PR people.

It's not their fault that there is just so much money, marketing, funds. They're just going

where, you know, doing what the clients say, it's really not the PR people's fault.

There is a big push behind all things. ESG, both of the private side, companies wanting to make

themselves eligible for ESG investing, green bonds, etc. It's a huge part of this sort of a

finance conversation right now. Yeah, but I'm kind of glad you brought up the cryptocurrency

...