In the Indian corporate-governance landscape, few developments have drawn as much attention in recent months as the decision of the state of Kerala to adopt a full-fledged investment policy grounded in Environment, Social and Governance (ESG) principles. On the face of it, this is a bold move: a sub-national jurisdiction attempting to position itself not just as an industrial destination, but as a sustainable  industrial destination. The question we ask today is two-fold: Wil