The Globe and Mail reports in its Saturday edition that Teck Resources was the latest to pursue the black-to-green transition with the sale, announced last year, of its metallurgical coal business to Switzerland's Glencore. The Globe's Eric Reguly writes that today, the formula is already looking like a relic of the now-ailing environmental, social and governance movement. Exhibit A is the Glencore report, released this week by Australia's Tribeca Investment Partners. The report, in the form of a 16-page letter to Glencore's board, makes recommendations on how the company could inject some life into its underperforming shares. Chief among them is Tribeca's call for Glencore to keep its massive coal business after it buys Teck's coal asset. The recommendation presents a remarkable reversal for Tribeca -- and for ESG in general. Only a few years ago, coal was viewed as the ugliest, grubbiest fossil fuel and ESG investors wanted nothing to do with it. Tribeca, in fact, urged Teck to get rid of its coal via a sale or spinoff. Today, the thinking is reversing, as Tribeca's call shows. Teck may come to regret selling its coal, and the company's investors may regret the decision too. The winner, says Mr. Reguly, is Glencore.