A note just out from asset manager Janus Henderson titled "Doing Good Feeling Good" explains this. Many investors, says portfolio manager Tal Lomnitzer, have been focused on investing in firms with high ESG ratings and low emissions. But along the way they have given too little thought to "the vast quantities of critical enabling raw materials required to build the low carbon economy such as copper, lithium, cobalt, nickel and steel and rare earths". Yet without these – and the mess their extraction causes – "there can be no low carbon future".