Imagine a climate innovator that is selling stock worth $1 billion based on expected returns. That stock can be expected to sell for $1 billion, and no more, ev

Imagine a climate innovator that is selling stock worth $1 billion based on expected returns. That stock can be expected to sell for $1 billion, and no more, even if $0.5 billion of that comes from altruistic investors. The altruistic investors can't drive up the price - as long as money from amoral investors is needed, the amoral investors are the price setters, because they won't pay more than what they think the expected returns are worth. They will step aside as the altruistic investors move in. The altruistic investors would do better to just invest for maximum returns and donate money. Note, I don't act according to this advice: I'm invested in sustainable funds despite my own arguments. But I don't expect this to go very far, so I'm also donating to appropriate causes.