In a way it already has lead to worse outcomes. For example, ESG campaigning has successfully discouraged investment in oil and gas production especially in democratic Western countries. The result of this is that there's now insufficient production capacity and prices and profits have gone sky-high for the companies that do have any, whilst companies in the rest of the economy have seen costs go through the roof. (Russia's actions didn't help, but the energy supply was looking pretty dicey even before that.)

The political result of this is that campaigners and journalists have accused the companies that are producing fossil fuels of profiteering, blamed them for the fact that energy and everything produced using it is so unaffordable (rather than blaming those who refused to invest in more production), and called for windfall taxes to take away and redistribute those supposedly-undeserved profits. Most of Europe is actually carrying out those windfall taxes too. If it wasn't for that political intervention, those who excluded fossil fuel production from their investments would be losing out and those who didn't gaining, as they arguably deserved, but governments are putting their hand on the scale and tilting returhns towards what ESG campaigners say they should be rather than what the markets give.