ESG funds soar despite global economic headwinds

PWC, ESG fundsA new report from PwC Luxembourg shows that the number of ESG funds continued to grow in 2022, even as the global economy faced uncertainty from the Covid-19 pandemic and the war in Ukraine.

The report, the fourth edition of the 'ESG Mutual Funds Poster', found the number of ESG funds increased to 10,154 in the second half of 2022, up from 9,279 in the first half of 2022.

The growth was driven by strong growth in the number of Article 8 funds, with the number of Article 9 funds having declined slightly in 2022.

The report also found that BlackRock was the top asset manager for ESG funds in terms of assets under management (AuM), followed by Amundi, DWS, BNP Paribas and Goldman Sachs.

In terms of the number of funds, Amundi was the top asset manager, followed by BNP Paribas, DWS, Eurizon Asset Management and BlackRock.

The report also found that the top EU ESG funds domiciles by AuM as of end-2022 were Luxembourg, Ireland, France, Sweden and Germany. For net flows, BlackRock was the top fund in Article 8 and Article 9 funds.

Frédéric Vonner, partner and sustainable finance & sustainability leader at PwC Luxembourg, said: "In a context of economic and geopolitical turmoil, the number of ESG funds increased to 10,154 in the second half of 2022, carried by strong growth in the number of Article 8 funds which more than made up for the slight reduction in Article 9 funds. The year saw many Article 9 funds being reclassified to the broader Article 8 category due to regulatory uncertainty.

"As the SFDR and other sustainability-related regulations continue to evolve, and as regulatory authorities refine their approach towards enforcing them, asset managers in the EU will have to continuously adapt to the changing regulatory landscape."

© 2023 funds europe

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