Global oil giants are facing ever-increasing public pressure and higher levels of scrutiny over their responsibility to curb harmful greenhouse emissions. Yet, in the sprawling oilfields of Texas, New Mexico and North Dakota, an industry-old practice of burning off unwanted natural gas has refused to die. The burning off (flaring), as well as the intentional release (venting) of natural gas, is proving to be a black eye that Permian producers just can’t get rid of. But investors are paying attention, and ESG (environmental, social and governance) investing isn’t just a passing fad–it’s a mega-trend now. Larry Fink, the CEO of BlackRock –one of the world’s largest hedge funds, told CEOs around the world last month that climate change has become a “defining factor in companies’ long-term prospects”. That, he said, would lead to a significant reallocation of capital–and it’s going to happen a lot sooner than anyone previously expected. […]