In recent years, organizations such as the World Economic Forum (WEF) have identi?ed various sustainability-related risks as some of the most urgent and pressing that the world is currently facing, with climate change being the most prominent example (WEF, 2021, 2022). Given the vast sums of capital needed to pursue the multinational sustainability goals aimed at attenuating these risks, institutional investors are under pressure to adapt their investment portfolios (OECD, 2022). Hence, sustainability, frequently going by the term 'environmental, social, and governance' (ESG), is of increasing importance for society, ?rms, and investors.