Eat your heart out ESG investors, your time in the sun may be over. As geopolitical tensions become more fraught by the day, so the appetite for the world’s great powers to ratchet up their military spending becomes even greater. 

The latest figures on total global military spending have yet to be compiled but they are forecast to have soared since the record high of $2.3 trillion was published in 2022. Indeed, industrial production in the US defence industry is said to be 17.5 per cent up since Russia launched its war on Ukraine two years ago. According to the State Department, there have been £63.5 billion worth of arms deals in the nine months to September 2023 – £40 billion from Europe.