The ongoing energy crisis has caused a tussle between government policy and ESG mandates. The German government, for example, has swallowed the bitter pill of allowing coal-fired power back onto the grid. Alongside that, the FT estimates that European governments will spend at least €50bn this winter on new fossil fuel infrastructure and supplies. As a cold winter approaches, and gas shortages continue, it will be interesting to see how governments and investors re-evaluate their ESG priorities.