A sharp political divide has emerged over environmental, social and governance investing, or ESG, a type of investing that takes into account non-financial information about a company, such as its climate impact and staff diversity.
February 15, 2023, 9:15 AMBloomberg via Getty Images, FILEboard meetings and college classrooms, have entered a new arena: Wall Street., a type of investing that takes into account non-financial information about a company, such as its climate impact and staff diversity." capitalism that prioritizes liberal goals over investor returns, harming U.S. companies deemed insufficiently progressive and in turn hindering the wider economy.
Sustainable investment based on ESG criteria has grown to a $35.5 trillion industry, according to a study from the Global Sustainable Investment Alliance in 2020.Over roughly the past 15 years, ESG has shifted from an upstart financial trend to a mainstream strategy touted by industry titans, experts said.The rise of ESG has been propelled by growing awareness about the negative effects of some corporate practices, in part due to the rise of social media, said Taylor of New York University.
"There have been thousands of studies," she said. "The jury is out on whether ESG delivers higher returns."Republican politicians have criticized ESG because they say they consider it an effort to use financial tools for the purpose of advancing liberal political goals. Criticism leveled at ESG has not only come from the right, however. Progressives have criticized the practice for imposing vague or weak standards on companies, offering the imprimatur of virtue without the requirement of substantive action.
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