Host Nigel Timperley talks to Shyam Gharial from LCP’s responsible investment team. They explore how ESG has evolved from a simple risk-management framework into a proactive tool for enabling real-world change, moving beyond "clean" portfolios to actively financing the transition in hard-to-abate sectors.They cover:• The original purpose of ESG as a risk-management tool• The limits of “clean” portfolios in a system-wide transition• Why transition-enabling investment now matters more than carbon snapshots, and why this often means engaging with high emitters that have credible plans to change.• How climate risk is reshaping long-term investment thinking across the board.