BlackRock’s push for America’s biggest firms to adopt ESG standards has had a profound impact, but not in the way they would like.

Last year Bloomberg noted the total value of global sustainable investments slumped from $35.3 trillion to $30.3 trillion while U.S. ESG investments sank 51% from $17 trillion to a little over $8 trillion. Major companies, such as Boeing, suffered loses exceeding $40 billion this year alone due to challenges likely related to their DEI efforts in hiring and other initiatives.

Last week, the Financial Times reported ESG investments and activism in the U.S. continue to be on the downswing with investors at ExxonMobil and Starbucks were unsuccessful for the second year in a row despite well publicized campaigns in which proposals focused on DEI unable to break above 50% support overall.

Even investment firms, like Vanguard, are backing away somewhat from causes they once championed. However, despite all of this BlackRock is still a major proponent of ESG as evidenced by CEO Larry Fink still standing by his efforts despite losing clients, like the Texas Permanent School Fund, with huge portfolios.

With BlackRock client John Deere recently having been targeted for embracing policies grounded in woke ideology, this should be a wakeup call not only for the farming equipment manufacturer but for Larry Fink too. ESG is not only still a losing proposition, but opponents will persist in resisting efforts to make companies into left-wing NGO’s. ESG is nothing more than environmentalism or woke ideology dressed up in a suit and the woke financial industry’s ESG racket forces businesses to support globalist causes, like renewable energy and climate change.