ESG was never supposed to work for investors, it was created to push a broken progressive agenda. The bad year that a lot of ESG investors are having may be about to get even worse. The green correction — with the S&P Global Clean Energy Index down more than 30% over the past year — has “definitely shaken some investors within ESG impact sustainability,” Penny said in an interview. It’s “definitely been a tough time to be invested in thematics in sustainability.”

This was supposed to be the year that investors targeting environmental and social goals would see their assets buoyed by historic support packages, such as the US Inflation Reduction Act. Instead, decades-high inflation and soaring interest rates ended up hammering a lot of traditional ESG stocks, with wind and solar standing out as some of the biggest losers.

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