The Financial Post reports in its Tuesday edition that environmental, social and governance strategies have contributed to a serious decline in energy investments by focusing too much on divestment from fossil fuels and not enough on investment in renewable power sources, says Goldman Sachs Group. A Bloomberg dispatch to the Post reports that Goldman's Michele Della Vigna says: "The focus on decarbonization is correct, but I think it needs to be driven by more investment, not divestment. The key is to move away from divesting oil and gas towards more investment in renewables and in low carbon." He adds that is the "key issue" the ESG community "needs to face." The capital allocation patterns of investors targeting ESG goals have contributed to a global lack of expenditure on energy, which has been particularly damaging to economically vulnerable corners of society, says the Goldman analyst. He estimates that energy spending is now about 25 per cent lower than it was between 2010 and 2014. Bloomberg estimates that reaching net-zero greenhouse gas emissions by the middle of this century represents an investment opportunity equivalent to almost $200-trillion (U.S.), or about $6.7-trillion (U.S.) each year.