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“Sustainability” has become a mantra of “stakeholder capitalism,” an expression of corporatism that has been around for longer than often realized but is clearly now having a moment. Well, more than a moment: Its new ascendancy is not going to pass any time soon.
Companies now tell anyone who is willing to listen about their plans to operate in a sustainable manner. Others, better still, like to boast of how their products will be assisting in the fight against climate change or otherwise are helping the planet “heal,” a positioning that makes them the darlings of “socially responsible” investors, as well as attractive plays for investors who aren’t too bothered by the environment but like the look of a bandwagon, especially when it is being pushed along by government, regulators, and institutions wanting to green their portfolios.