Credit: Deemerwha studio/

After a long run of seeming ESG ascendance, recently it feels like there’s been noticeable backsliding in the name of shareholder primacy and political divisions. A new survey released by HSBC found that rising anti-ESG sentiment is starting to affect how managers think about integrating such considerations into their funds. The survey found that 44% of North American respondents said their reasons for having an ESG strategy have become weaker over the past 12 months.

This is a noticeable shift in sentiment from the more than $100 trillion in ESG funds raised in 2022 and is persuading some Wall Street firms to change their messaging to avoid controversy. BlackRock Chief Executive Larry Fink said last month that he had stopped using the term “ESG” because it has become too politicized.


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