The Impact Winter: Reckoning and Renewal in the Movement for Just Capital

In her latest essay, Known co-founder and president Nathalie Molina Niño names what many in the field have felt: an “impact winter.” As backlash against ESG and DEI intensifies, she argues this isn’t market cooling—it’s ideological frost. Yet, within it lies the test of which commitments are performative and which are principled.

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