According to Reuters, ESG funding has increased significantly in recent years, partly because of the regulatory focus on things like climate change, since governments aim to meet their environmental goals.

The survey conducted by PwC Luxembourg had 3.354 respondents and it suggested that ESG assets found within Europe could grow from 7.4 trillion euros to 9 trillion by 2025. They could also account for as much as 56% of total European mutual fund assets compared to 37% last year.

PwC says that nearly 72% of the European asset managers want to halt all non-ESG projects, and more than 60% plan to do this by the end of 2024.

Around 68% of financial advisers, private and retail banks want to end the distribution of non-ESG products, and over half of them want to do so within the next two years.

Olivier Carre, financial services market leader at PwC, stated that "as regional regulations become increasingly stringent and as efforts towards the development of global ESG standards intensify, managers – especially those willing to compete at a global level – will be pushed towards an all-encompassing alignment of their products and operations with ESG."