A report from the Financial Times revealed that a company's environmental, social, and governance score has "little to no relation" to its carbon emissions, noting that high-rated firms pollute just as much as low-rated firms. Felix Goltz, a research director at Scientific Beta, told the Financial Times, "The carbon intensity reduction of green [ie low carbon intensity] portfolios can be effectively cancelled out by adding ESG objectives." Therefore, Goltz claimed, "ESG ratings have little to no relation to carbon intensity, even when considering only the environmental pillar of these ratings." "It doesn't seem that people have actually looked at [the correlations].