Financial Firms Hate the Term ‘ESG’ but Are Sticking With the Strategy
About two-thirds of respondents in a survey of Bloomberg terminal users said the anti-ESG movement that started in the United States last year will force firms to stop using those three letters in conversations with clients. However, respondents expect firms to continue incorporating environmental, social, and governance metrics into their business. Only 18% of respondents who identified themselves as using ESG in their work said the backlash against the label was stopping them from incorporating climate factors in their decision-making. The survey also found that an overwhelming majority of finance industry professionals do not want the government to interfere in how private investors allocate their money. Of financial market participants who use ESG in their daily work, 89% of respondents said governments should stay away from such decisions, while 98% of respondents who do not use ESG said the same.
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