In the United States, investments based on environmental, social and governance (ESG) factors have become a politically polarized issue.
Republican lawmakers have decried ESG as a form “woke capitalism” that seeks to prioritize liberal goals over investment returns. However，Democratic lawmakers have sought to push back, , describing attacks on a range of ethically responsible business practices as “an attempt to manufacture a culture war and protect corporate special interests”.
Analysts expect the outcome of this year’s U.S. presidential election to determine whether the political backlash against ESG will have a deep and lasting effect.
A pushback against climate policies is not just a U.S. issue. In Europe, indications of a green backlash or “greenlash” have started surfacing as businesses and citizens feel the costs of the energy transition. Related data shows that some companies are scaling back their sustainability commitments due to the ESG costs.
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