Originally published: July 2024 by the Financial Times
The ESG Backlash Explained
ESG investing grew rapidly through the late 2010s, then faced a sharp backlash. In this Financial Times film, the FT looks back at the boom, from the 2015 Paris Agreement to the launch of the Glasgow Financial Alliance for Net Zero in 2021, and then at what followed: concerns about greenwashing and inconsistent ratings, political pushback and questions about performance. It asks what the future holds for sustainable investing.
Key Themes
- How ESG became one of the biggest trends in global finance.
- Why greenwashing, unclear definitions and weak data undermined trust.
- How politics and market conditions turned the tide against ESG labels.
Why It Matters for ESG and Sustainability Management
The backlash is a reminder that credibility matters more than labels. Companies and investors that rely on robust data, clear methods and genuine action, rather than marketing claims, are best placed to build trust. See GreenCo's guide to evaluating disclosure quality and our assurance services.
Turn Inspiration into Action with GreenCo
GreenCo is an ESG and climate risk advisory firm in Singapore and Hong Kong, trusted since 2016 by public and private companies and multinational companies. We have supported more than 80 listed companies with all-round ESG advisory under one roof, from strategy, materiality and sustainability reporting to GHG accounting, climate scenario analysis, ESG ratings and assurance. We can build your ESG framework from scratch, and our consultants stay actively involved throughout the whole project.
We use AI and digital tools to work faster, but AI is a tool, not the advice. The real value comes from our consultants' professional judgement: understanding your business, interpreting the rules, challenging the numbers and making sure every disclosure stands up to scrutiny.
Our Values
- Integrity – credible, decision-useful disclosures, prevent greenwashing.
- Partnership – hands-on involvement from day one to end of project.
- Tailored expertise – solutions built around your business.
- Knowledge sharing – making ESG regulations clear and accessible for everyone.
- Innovation – using technology to make sustainability work more efficient.
Our Team's Professional Credentials
- Fellow Certified Public Accountant (FCPA)
- Chartered Financial Analyst (CFA) – CFA Institute
- Financial Risk Manager (FRM) – Global Association of Risk Professionals (GARP)
- Certified ESG Analyst (CESGA)
- Sustainable Investing Certificate – CFA Institute
- GRI Certified Professional
- Practitioner Member – Institute of Sustainability and Environmental Professionals (ISEP)
- GRI Certified Sustainability Professional – Global Reporting Initiative (GRI)