Another blow to the ESG movement today — that’s “environmental, social and governance,” shorthand for efforts to get companies to consider those factors when making business decisions.

Investment firms JPMorgan Asset Management and State Street Global Advisors both pulled out of Climate Action 100 plus, and Blackrock is reducing its involvement. Altogether it means about $14 trillion leaving that effort.

So does this mark the beginning of the end of the ESG movement?

Despite these high-profile departures, “I don’t think that that ESG is dead,” said Sam Hartzmark, who teaches finance at Boston College.

“I will say I think the term ESG might be dead, even if what most people mean by ESG is still going to go on,” said Hartzmark.

Hartzmark says companies will still pay attention to the environment, social and governance issues but maybe call it something else or focus on one category more than another.

Many firms have been under pressure from Republicans to back away from ESG goals, especially on climate issues.

Sarah Hunt is president of the Joseph Rainey Center for Public Policy. And says she understands these companies’ moves.

“It just means that they are being cautious as being perceived as political — as they should be. Because that isn’t their job. Their job is to manage the money,” said Hunt.

Hunt compares to the political pressure to get companies to bail on ESG goals to the efforts from progressives that got companies to sign on in the first place.

“Trying to pressure asset managers from the right or the left with boycotts or bans or being part of coalitions seen as very political, it’s a distraction from their fiduciary duty to maximize returns,” said Hunt.

But many advocates argue ESG is a key part of companies’ fiduciary duties. Leanne Keddie teaches accounting at Carleton University. And says when big companies back away from ESG efforts, it sends a bad signal to other companies.

“Public commitments are one of the ways that we can hold some of these organizations to account. So I feel like pulling out of some of those public commitments, it’s a loss of accountability,” said Keddie.

At a time, says Keddie, when we need that accountability more than ever.