The Myth of “Voluntary” ESG

The Course of ESG Investing

As ESG-related practices have come under increasing scrutiny in the United States and abroad, newly released data paints a clearer picture of the current state of ESG investing. Two realities stand out: Perhaps the clearest example of the ESG exodus lies in the investor movement away from ESG mutual funds. These funds have bled $65.7 billion since 2022, roughly 20% of their average assets. Additionally, new fund launches have collapsed from 116 in 2021 to just nine last year, and BlackRock has slashed its support for ESG shareholder proposals from 40% in 2021 to less than 2% (7/358) in 2025. Even the 2026 proxy season backs this up: no ESG proposal won majority support. But this does not mean ESG will disappear. Many of its most committed proponents are doubling down, pursuing ESG through less visible channels, or lying low until a more favorable political and regulatory environment emerges. For example, CalPERS has all but dropped the word “ESG,” now calling it “sustainability integration,” while still on track to nearly double its climate-related holdings to $100 billion by 2030. BlackRock’s Larry Fink stopped using the term too, calling it “weaponized.” The rhetoric has cooled, but the strategy has not. Investors have …

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