It’s been a torrid couple of years for the sustainable investing industry. Investors have yanked billions of dollars from ESG funds, which have struggled to outperform amid high inflation, rising rates and increased geopolitical tension.

Meanwhile, Donald Trump’s return to the White House has emboldened ESG sceptics and prompted major banks and asset managers to backtrack on their climate and diversity commitments for fear of being sued or becoming a target for right-leaning pressure groups.