The defence sector has borne the brunt of the rise of ESG funds, but investors' views have begun to change since the outbreak of war in Ukraine and the mobilisation of manufacturers. The ESG treatment of the arms industry remains complex. If there is one point to be retained, it is that if there is a problem with the financing of the defence industry with regard to ESG. The introduction of ESG has led to a situation where investors are deserting certain business sectors.