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An ESG Reckoning Is Coming


In 2018, the clean tech darling Nikola posted a video of its new electric truck driving down a remote stretch of road, framed by dramatic music and a setting sun. The caption read: “Behold, the 1,000 HP, zero-emission Nikola One semi-truck in motion.”
The video promised something with the potential to upend an industry. Investors shared the enthusiasm. Last summer, Nikola was briefly more valuable than Ford, despite yielding zero revenue.
But the video was fake. The company towed the truck to the top of a hill and filmed as it rolled down. You have to hand it to them: There is …

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