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The historic pullback marked the first time the global market for ESG products—funds with environmental, social and governance investment goals—recorded net redemptions, according to a report by Morningstar. Meanwhile, global sustainable fund assets rose about 4 per cent in the fourth quarter to US$3.9 trillion. (Bloomberg, The Logic)
Talking point: The retreat from ESG-focused funds came despite strong gains in clean energy stocks, with sales of green debt hitting a record US$947 billion in December. The anti-ESG agenda championed by U.S President Donald Trump has also rippled through Canada. In April, the Canadian Securities Administrators paused work on rules covering climate-related and diversity risk disclosure for companies under its oversight, and Canadian banks have withdrawn from global climate finance efforts.
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