Don’t get me wrong, I believe that the private sector has a hugely significant role to play in the fight against climate change and social inequality and the companies that take up the charge are well placed to excel in the coming years. I also think good governance is a key criteria for any investment: bad decisions are made in poorly run companies which can stifle returns. Indeed, it is not the principle of ESG which makes me extremely sceptical of its role in workplace pensions, it is its execution.
Advocates argue that there is not much point in saving for a retirement if the world has burned in an oil-fuelled inferno (financed by your continued investment in petroleum producers) by the time you get there. They also have a growing body of evidence to confirm that caring about the planet does not mean you have to sacrifice returns: last year Morningstar found that 60 per cent of sustainable funds had outperformed their unfeeling counterparts in the last decade.