An ESG backlash is simmering. Will it boil over?

Some critics are anti-ESG evangelists. Others have legitimate concerns. Advocates need to build the ESG case more robustly.
by Paul Bryant


Environmental, social, and governance (ESG) investing is being criticised on multiple fronts. It has been caught up in US culture wars, greenwashing scandals, waning investment performance, and problems with defining, measuring, and applying ESG metrics.

In Europe (including the UK), by far the dominant sustainable investing market with 83% of global sustainable fund assets, according to Morningstar’s Global sustainable fund flows: Q4 2022 in review report, flows into sustainable funds remained positive in every quarter of 2022, in stark contrast to conventional funds which saw outflows in every quarter.

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Published: 19 Apr 2023
  • Wealth Management
  • Risk
  • Integrity & Ethics
  • Corporate finance
  • featured
  • green finance
  • Green and Transition Taxonomy
  • greenwashing
  • war on woke
  • ESG backlash
  • fund management
  • ESG
  • carbon footprint

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