When discussing energy as part of the environmental component of ESG,1 people often focus on the types of energy used, as we did in Will Schumpeter’s Gale Clear the Air?2 But that is only one side of the story, and both sides need to be examined. The other side–how that energy is used–is equally important.

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Morgan Stanley IM: Both Sides, Now: The Disruptive Power of Energy Efficiency