The rallying cry against companies’ progressive campaigns is starting to leave a mark on Corporate America.

After years of big promises and grand plans around social issues like diversity and sustainability, companies have taken a noticeable step back, Business Insider’s Emily Stewart writes.

DEI and ESG — the two acronyms at the center of these debates — are MIA, according to data Emily got from FactSet. Mentions of ESG on fourth-quarter earnings calls in 2023 compared to 2020’s Q4 dropped more than 78%. DEI’s decline was even larger during that time frame, falling 88%.

The so-called “great un-wokening” in the business world could be a product of the current economy.

When business was booming and stocks were only going up, companies were happy to talk about how they planned to improve the world.

But it’s not 2021 anymore. Interest rates are a long way from zero, and the threat of a recession still feels very real. Rather than stick their neck out for causes that could alienate customers, companies are just worried about keeping their heads above water.