The Rise and Fall of ESG - and What Next for Sustainable Finance?

In the early 2020s, the integration of Environmental, Social, and Governance (ESG) principles into corporate strategy and investment decisions was widely regarded as a progressive step toward responsible capitalism. But it has since been the subject of a virulent backlash, most notably in the United States, as conservative critics have vilified ESG practices as "woke capitalism" and a threat to…