In New York City, levels of carbon monoxide are down 50% since the start of the lockdown period, while in Adelaide, Australia, a kangaroo was recently filmed nonchalantly hopping down deserted urban streets.

With COVID-19 paralyzing large parts of the global economy, activists the world over have called upon governments to embrace today’s green trends and “build back better.”

With far fewer cars on the road, planes in the air and factories belching smoke, our skies are unquestionably cleaner. As a consequence, 2020 will see the kind of emissions decline that environmental activists like Greta Thunberg have been passionately calling for – and which more and more people now see as uniquely possible.

The counterpoint, to which I subscribe, is that economic activity (and pollution) will inevitably return as the economy reboots. And the likelihood of government-led green reconstruction, especially with low oil prices, looks increasingly small. For the environment, 2020 will be little more than the equivalent of a “dry January” followed by an overzealous bachelor party.

However, ESG investing – which takes into account environmental, as well as social and governance, factors – will continue to accelerate, with one area witnessing especially profound change. That change will be social, the “silent S” in ESG.

While social criteria can be tricky to define and measure, you don’t need a Ph.D. to distinguish between a socially good company and a bad one. Just ask some pretty fundamental questions: Does the firm treat its employees well and respect the priorities of its customers? Do their policies and actions reflect the values of society as a whole? Are they exclusively focused on doing well – or also on doing good for all their stakeholders?

Even if those kinds of priorities are set by management, no company operates in isolation. Instead, they act in relationship to the society in which they operate and, in particular, are shaped by the collective will of their employees.

This is where COVID-19 enters the equation.

The longer we remain far apart – communicating through glitchy video calls – the more powerful and persistent are the ways we find to support one another and come closer together. Already today, it has become acceptable to join a conference call while bouncing a baby on your knee. Rendered incapable of zealously standing over their employees’ shoulders, managers are fast learning the value of trust.

I strongly believe that one lasting positive impact of coronavirus will be an empowered and more flexible workforce – one where working mothers and fathers are embraced, one where those currently marginalized due to disabilities are incorporated via home office setups, and where barriers and glass ceilings will be broken by a more productive and confident workforce.             

As investors, we must watch these developments closely.

Companies that respond positively to such trends will be much better placed to earn the trust of their employees, customers and communities. They will win the war for talent in a market where value creation is increasingly driven by intangible factors, such as intellectual property and network effects. Companies that don’t evolve will likely suffer talent attrition and reputational damage, and, consequently, damage to their bottom line.

That’s why I believe that – at a time when all eyes are trained on the “E” in ESG – real and lasting change will be driven by the “silent S.”