“ESG investing has not disappeared, but it has changed. Longitudinal survey data from U.S. retail investors and large institutional asset managers show that early enthusiasm—especially among younger investors—has converged around a more pragmatic, risk-first approach.”

[COMMENTARY] The findings of this research concur with what I’ve suspected in recent years. The talk of investors abandoning an ESG approach to investing is misplaced. It has simply changed in volume and emphasis.
Research Reveals a Fundamental Shift in How Investors View ESG, by David Larcker, Brian Tayan and Amit Seru, February 18, 2026, Harvard Business Review, USA.