I believe this view is wrong. As research by McKinsey shows, a strong focus on ESG can help accelerate revenue growth, control costs, reduce regulatory and legal risk, and energize employees, making it easier to attract and retain top talent. It can be a stabilizing and fortifying force in these times of growing macroeconomic uncertainty. And it isn’t just public companies that benefit—a clear ESG strategy and narrative is becoming increasingly important for firms considering an IPO, according to Morgan Stanley. Above all else, customers expect the companies they buy from to take ESG seriously—at ServiceNow, ours are increasingly asking detailed questions about our strategy. It’s clear ESG is a business imperative, and no company should allow itself to be dissuaded from making value-creating investments in ESG out of concern over potential political backlash.

Taking ESG seriously creates new opportunities and makes it easier to build upon existing ones. As a CFO, I’ve seen this firsthand. At ServiceNow, we recognize that there’s an enormous gap between the rapidly growing demand for tech talent and the supply of workers who have the right skills to fill those jobs. That’s why we’ve launched our RiseUp initiative, which has the goal of training 1 million people on our platform by 2024. Meeting this target is mission critical for us, but we can’t do it by having a narrow view of what tech workers look like or where they come from. To meet tomorrow’s talent needs, our company—indeed, every company—must be ready to tap into the amazing human potential inherent in people of all races, ethnicities, genders, and educational backgrounds. Is that virtue signaling? Of course not. It’s just good business.