{"id":11855,"date":"2026-01-23T16:38:35","date_gmt":"2026-01-23T15:38:35","guid":{"rendered":"https:\/\/www.rivistaeco.com\/?p=11855"},"modified":"2026-01-23T16:38:35","modified_gmt":"2026-01-23T15:38:35","slug":"the-great-exodus-from-sustainable-finance","status":"publish","type":"post","link":"https:\/\/www.rivistaeco.com\/en\/2026\/01\/23\/the-great-exodus-from-sustainable-finance\/","title":{"rendered":"The Great Exodus from Sustainable Finance"},"content":{"rendered":"

Global flows into ESG investment funds have shifted from the record levels of 2021 to a steady decline. The energy crisis following Russia\u2019s invasion of Ukraine, rising interest rates, anti-ESG campaigns launched by many Republican governors in the United States, and Donald Trump\u2019s return to the White House with a decidedly hostile stance toward sustainability have all contributed to reversing the trend. The result has been a sharp reduction in investor interest, culminating in outflows of about 58 billion dollars in 2025.<\/em><\/p>\n

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The chart shows trends in net capital flows\u2014coming from both retail and institutional investors\u2014into sustainable (ESG) funds worldwide from 2020 to 2025. Each bar represents how many billions of dollars entered or exited in a given year: positive values indicate net new investments (the difference between inflows and outflows), while negative values signal net outflows, that is, capital withdrawn by investors.<\/p>\n

ESG funds pool money from individuals and institutions\u2014pension funds, insurance companies, banks\u2014and invest it exclusively in companies that meet environmental, social, and good governance criteria.<\/p>\n

In 2020\u20132021, the sector experienced a phase of rapid expansion: in 2021 alone, inflows exceeded 600 billion dollars, marking the peak of global interest in sustainable finance.<\/p>\n

The year 2022 marked a turning point. Russia\u2019s invasion of Ukraine and the resulting surge in energy prices brought attention back to sectors such as oil and gas. At the same time, rising interest rates and fears of recession made investments perceived as safer more attractive. The result was a collapse in flows into ESG funds: in 2022, global inflows fell to about 189 billion dollars, nearly 70% below the 2021 peak.<\/p>\n

From 2023 onward, the slowdown turned into a progressive withdrawal by investors: global flows dropped to 58 billion dollars that year and to just 32 billion in 2024. In the United States, outflows had already begun at the end of 2022, partly because of anti-ESG campaigns launched in several Republican states, which accused these funds of penalizing strategic sectors such as energy. In Europe, signs of weakening became more evident starting in 2024.<\/p>\n

In 2025, for the first time since 2018, ESG funds recorded net global disinvestment: \u201357.5 billion dollars. The trend clearly indicates that the uninterrupted expansion phase of 2020\u20132021 has ended, giving way to a contraction of the sector.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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