Page 5, Exhibit 2 is PwC's ESG framework. It includes carbon emissions. The criteria used by each ESG ratings agency differs. The major agencies are MSCI, Susta

Page 5, Exhibit 2 is PwC's ESG framework. It includes carbon emissions. The criteria used by each ESG ratings agency differs. The major agencies are MSCI, Sustainalytics, Bloomberg, FTSE Russell, ISS Ratings and Rankings, CDP Climate, Water and Forest Scores, S&P Global ESG Score, and Moody’s ESG Solutions Group. All of them include carbon emissions in their Environmental score. For example, this is the methodology used by the largest ESG ratings agency, MSCI: https://www.msci.com/documents/1296102/34424357/MSCI+ESG+Ratings+Methodology.pdf https://www.msci.com/documents/1296102/34424357/MSCI+ESG+Rat.... You might need to register to gain access but it should be free. Continue reading the document and you will quickly realise that the score is not about how the world impacts the company, it is about how the company impacts the world. I understand that ESG has been sold to businesses on the premise that higher ESG scores might improve profitability, but that is an ancillary benefit. The purpose of the score is for marketing. That is, "our business is awesome because we have a high ESG score! Ignore all of the evil things we do!"