just because ESG is about virtue signalling and risk management, does not mean it is meaningless. On the contrary, the very fact that company executives feel the need to “signal” ESG virtues shows how the interplay of digital transparency and shifting social norms is creating a feedback loop that cannot be ignored. If that encourages companies to change strategy, say by cutting carbon emissions, it is good. If it puts pressure on governments to make crucial reforms, like introducing a carbon price, it is even better, particularly if companies are shamed into demanding such policy actions.