A few areas have been in particular focus:

• Evolution of exclusionary policies: should these mostly focus on economic activities or also add countries to the list of exclusion criteria? And, to what extent should subsidiaries or minority shareholdings be included?
• Definition of clean energy: should a more inclusive approach be taken with regards to nuclear energy (thereby also helping more countries become energy independent more quickly)?
• Social impact of activities: to what extent should investors have a more nuanced view around weapons and the defence industry? Is this industry purely socially negative, or can its existence be seen as a necessity to ensure that other SDGs can be achieved?

It is unlikely that we will see sudden conversions on any of these topics. However, the events in the Ukraine highlight that companies need to be continuously attentive to the changing times and ready to shape and reshape their ESG positioning accordingly.

Supporting Sources:

• Should Russia be excluded from ESG ETFs
• Ukraine crisis forces Germany to change course on energy
• Weapons group points to Ukraine in bid to shape EU S ESG Rules

Thanks to Saakshi Arora for undertaking the research for this article.