The ESG Paradigm: Between Idea and Power Over Capital

This article provides an in-depth analysis of the ESG paradigm, viewed not simply as a set of non-financial indicators but as a comprehensive architecture of impact on global capital. The author explores the tension between traditional agency theory and modern stakeholder capitalism, highlighting the risks associated with greensmuggling and institutional isomorphism. The text explores the leverage mechanisms employed by passive funds and investor coalitions, such as Climate Action 100+, which use voting politics to shift corporate priorities. The analysis sheds light on how the ideology of decarbonization impacts the cost of capital and redefines fiduciary duty in the era of energy and social transformation.