Increasing geopolitical uncertainty and the USA's decreasing reliability as an ally has triggered a massive boost in global defence spending.

As investment managers and asset owners look to capitalise on the new opportunities, this has led to a wave of fund launches and changes to exclusions policies across the market.

In this episode, senior reporter Dominic Webb talks to deputy editor Elza Holmstedt Pell about the latest developments in the market, the regulatory backdrop and how ESG investors are changing their minds on defence.

Recent RI defence-related coverage includes:

• French and passive investors make up most Article 9 defence investments
• UK government and business call on investors to review defence exclusions
• ESG exclusions not preventing European defence investments, say French investors
• Pressure grows on UK LGPS funds over Israel divestment
• Defence round-up: Sector ‘generally incompatible’ with use-of-proceeds bonds, says Principles chair

The past six months have been dominated by EU sustainable finance regulatory developments, following the bloc's push to simplify and roll back several of the rules issued under its 2019 Green Deal.

On this episode, we are joined by Helena Viñes Fiestas, commissioner at Spanish regulator CNMV and former chair of the EU Platform on Sustainable Finance.

Having worked in sustainable finance for more than a decade, she talks us through her thoughts on the ongoing sustainable finance regulatory developments and what outcomes she is hoping for amid efforts to simplify the rules.

The UK's fund labelling regime under the Sustainability Disclosure Requirements and the European Securities and Markets Authority's new guidelines on the use of ESG terms in fund names have have sparked a wave of renaming, mergers, closures and portfolio reshuffling.

On this episode, we are joined by Hortense Bioy, head of sustainable investing research at Morningstar Sustainalytics. Bioy walks us through the most recent regulatory changes and what they mean for the EU and UK sustainable fund landscape. She also discusses the major challenges for asset managers looking to comply with the rules instead of renaming.