Environmental, social, and corporate governance—better known as ESG—is the order of the day in big business. According to its advocates, ESG rating provides investors with useful information on risks arising from climate change, pollution, and other environmental issues. Yet much of that information isn’t financially material. BlackRock, the world’s largest asset manager, notes on its webpage on “ESG Integration” that ESG information typically falls under “non-accounting” data: “It captures components important for valuations that are not traditionally reported.” The oil industry, long the bane of environmentalists, is no exception to this trend. At the recent Argus Americas Crude Summit in Houston, industry insiders gave the impression that ESG is a fait accompli. George Millas, CCO of EPIC Midstream, told the crowd of industry professionals that ESG is “like a license to operate.” “It’s like safety. We can’t ignore it,” he said. Ryan Lance, CEO of ConocoPhillips, told Argus Media’s Matthew …