In this article, I would like to focus on E in ESG. There are more and more opportunities to see the ESG initiatives of companies in analyst meetings, CSR reports, and integrated reports. In the latter half of analyst meetings at the time of earnings announcements, listed companies often make a presentation on their ESG initiatives following their earnings projections. If I may dare to say so, companies are seen to be happy when describing E compared to the somewhat less talkative S and G explanations. S and G, as mentioned in the previous article “Social and Human Rights,” are progressing at a much slower pace than investors expect. On the other hand, Japanese companies have always had a strong interest in E, as they are mainly listed in the manufacturing industry. In the end of the 1990s, when the ISO (International Organization for Standardization) standard was introduced, all Japanese companies obtained certification, and they are very keen on environmental issues. Therefore, in some cases, when E is explained at an analyst meeting, it is not only a presentation of their environmental initiatives but also a presentation of their new environmental technology products.