In recent years organizations such as the World Economic Forum (WEF) have identi ed various
sustainability-related risks as some of the most urgent and pressing that the world is
currently facing with climate change being the most prominent example (WEF 2021 2022). Given
the vast sums of capital needed to pursue the multinational sustainability goals aimed at
attenuating these risks institutional investors are under pressure to adapt their investment
portfolios (OECD 2022). Hence sustainability frequently going by the term 'environmental
social and governance' (ESG) is of increasing importance for society rms and investors.
