The anti-wokes are celebrating yet another dubious victory as new data shows that global investments in ethical companies have nosedived by nearly $5 trillion over the past two years.

The Global Sustainable Investment Alliance (GSIA) on Wednesday reported that the total value of sustainable assets has shrunk from $35.3 trillion in 2020 to a mere $30.3 trillion in 2022. S&P Global Clean Energy Index reports a 30% fall so far in 2023. The United States alone has seen assets in ESG funds plunge 50.5%, from over $17 trillion to a meager $8.4 trillion.

ESG, short for environmental, social, and governance, refers to a set of ethical standards guiding investors on how to place their money so as to minimize harm. While funding wind farms and equity seems universally appealing, right-wingers argue that these initiatives “oppress” white males.

The repercussions of the anti-ESG downturn have not been felt uniformly. Investors of color bear a disproportionately heavy burden as they are more likely than white folks to invest in companies aligned with ethical and sustainable practices. These are, after all, the companies that are also willing to affirm that non-white lives matter.

While anti-ESG sentiment erodes financial portfolios of color, it also undermines our collective efforts to promote positive change through responsible investing. And the broader implications suggest an ever widening gap in wealth and opportunity, as losses to portfolios of color only exacerbate existing disparities.

Let’s be clear about where to put the blame. Conservative lawmakers, driven by an irrational culture of anti-woke hysteria, have actively taken measures to resist the incorporation of ESG principles into business and investing. This opposition has manifested in legislative efforts across multiple states, from Florida to Utah, where lawmakers are pushing back against the injection of ethics into the financial sector.

Related: House Republicans Issue Anti-ESG Priorities for 118th Congress — Bloomberg Law

The anti-woke hysteria driving them finds its origins in unmoderated online communities, most notably hate platforms like 4chan and X. Bitter young males — often incels — from these darkweb sites are brutally enforcing a vast online alt-right echo chamber, effectively drowning out more rational voices. This shapes not only public discourse but also the policy decisions of conservative lawmakers eager to put harmful online ideas into legal practice.

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