商道融绿：2025年中国责任投资十大趋势报告（英文版）

Globally, ESG progress is being overshadowed by geopolitical conflict and rising protectionism. In the U.S., ESG faces political polarisation that is likely to continue for years. As a result, many U.S. institutions have adopted a "greenhushing" approach, avoiding overt discussion of ESG and net-zero targets, even though they still consider climate issues in practice, particularly in markets outside the U.S.