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The real question is are you better off investing normally and then directing profits to causes.

In theory you should be by using two separate entities one with the goal of making money and with the goal of using the money for good.

The alternative is to put the money in an ESG investment and see it struggle to survive against its unhindered competitors.

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If your normal investments are going to further active harm, though, isn't that counterproductive?

All investments will do harm if they are productive. They will be producing emissions, developing land, shipping products etc.

It's the harm cost of the profit that matters.

The money you spend to buy a stock does not go to the company issuing it (with exception of the IPO), so you're not really helping them in any way.

I think you are. If you buy a stock, you support the value of the company on the stock market. This, in turn, increases the likelihood of the company to raise more money.

(Same as if you’re against killing animals and buy used leather. You support people who want to sell used stuff and, thus, indirectly producers of leather.)

If this were actually true, no company would go to all of the pain and hassle of offering stock in the first place.

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