US-based ‘biblically responsible’ ETP issuer, Inspire Investing with USD2 billion in assets, has removed the term ESG from its fund names.
The firm writes that the investment objectives and methodologies behind the funds are unaffected by this change, and all eight funds will continue to trade under their current tickers.
Inspire initially adopted the term “faith-based ESG” back in 2019 to describe their biblically responsible approach to investing and how it applies a biblical worldview to ESG criteria.
However, the firm writes that more recently, “due to pervasive liberal activism under the guise of ‘ESG’, the term has received backlash from conservatives and has become broadly perceived as the antithesis of biblical values. To reflect this development of public perception, Inspire publicly renounced the ESG label”.
Inspire’s CEO, Robert Netzly writes: “We adopted ESG hoping to see a ‘two-party system’ in the ESG community, where biblical values could provide counterpressure on the overwhelming progressive-left dominance in the space. Due to the escalation of leftist intolerance and rancour in recent months, we no longer desire to identify our investment approach as being part of the ESG category. In our view, ESG has joined CRT in the list of acronyms worth fighting against.”