The Old World is finally catching up with the U.S..

Investors pulled a record amount from “sustainable” funds in the first quarter of the year, in an early sign that the US backlash against environmental, social and governance-based investing is going global.

While US investors cut their exposure to sustainable mutual and exchange traded funds for a 10th straight quarter, Europeans were net sellers for the first time on record in data going back to 2018, pulling out $1.2bn, according to data from Morningstar.

With Asian investors also cutting exposure, the $8.6bn of net outflows is by far the highest withdrawal figure ever seen.

Like the U.S., European companies could be repositioning or rebranding ESG. None the less, this is an important victory since it is another example that shows so-called sustainable or woke capitalism is a fraud. However, ESG’s biggest proponent, BlackRock CEO Larry Fink, is still committed to the cause and, until now, he obviously did very well in Europe.

The left never gives up, they just try to remake their schemes into something else. For example, shortly after they were getting hammered with their use of critical race theory, the Left quickly rebranded it into a new scheme called social emotional learning (SEL) for education and BRIDGE for corporations.

So with all of this in mind, don’t bet on the Left backing off from DEI, ESG, or any other version of woke ideology. They will undoubtedly return when the time is right with another feel-good, leftist program along the same lines as DEI to push companies back under their wing.