The financial services industry’s commitment to environmental, social and governance (ESG) issues might have been expected to falter in the current climate. The economic headwinds buffeting the sector are forcing firms to focus on other priorities. Market volatility, high inflation and the threat of recession have been constant distractions. And in certain key markets, a backlash against the “woke” ESG agenda has given the industry some pause for thought.

However, the evidence of KPMG’s latest research exploring key topical themes, spanning sectors including banking, asset and wealth management and insurance is that the embrace of ESG is continuing. Their message is consistent: pursuing the ESG agenda remains a critical business priority.