The global framework for integrating the Environmental Social and Governance (ESG) considerations into investments: from preference to duty?

The integration of the ESG considerations into investments is a step-by-step process, which has led to stronger and deeper forms of collaboration between diverse players who are called upon to fulfil a range of roles at a number of different levels and forms: international, regional and national, formal and informal. Is there a risk of conflict and an overlap of competences among them? And how far has this step-by-step approach gone? Do investors have a duty to consider ESG issues? And what is the role of central banks?
The multiplication of global standards makes the decision-making process more complex but these standards encourage an improvement of investment institutions’ internal procedures possibly producing positive outcomes for investment.
How can we bring together these various public interests? Are they conflicting or do they all seek to improve investment performance, opening up new horizons for more sustainable development? And in case of conflicts, who is the judge?