In 2023, a senior financial analyst at the Hong Kong-based stock brokerage firm CLSA was surprised to see that, based on his calculations, the financial impact from climate risks on a major Indian cement manufacturing company's projected earnings could be massive. While conducting fundamental analysis and making stock recommendations to equity-trading clients was the "bread and butter" for financial analysts, incorporating ESG factors in stock valuation was not yet a common industry-wide practice. Given the magnitude of the financial impact, the senior analyst, who was also the head of ESG research, pondered if he should change his view on the stock, and how he could develop a new way of valuing stocks adjusted by ESG risks.