Environmental, social, and governance (ESG) investing has enjoyed a recent surge in popularity, but may now be faced with a dose of scrutiny in the face of a financial downturn. The $30 trillion-plus industry experienced adversity on Thursday, March 12, with the Bloomberg SASB US Large Cap ESG Index falling 21% from its February 19 peak and the MSCI World ESG Leaders Index dropping almost 19%, roughly the same rate of the broader MSCI World. While this is to be expected and the drop is not much further than that of the S&P 500, investors look to see what happens to ESG investing in its first real test.

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