The survey respondents were asked the following question- "To what extent do you feel that ESG investment funds should never invest in a company in the following sectors?"
Citation formats
Top sectors viewed as non-ESG by investors in Europe 2023
In 2023, a significant portion of respondents in Europe agreed that Environmental, Social, and Governance (ESG) funds should never invest in sectors such as deforestation, pornography, weapons, or pharmaceutical manufacturing. In Belgium, Germany, and the United Kingdom, companies involved in deforestation were considered non-ESG by investors.
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how ÌÇÐÄÆƽâ°æ can support your business.
AXA Investment Managers. (May 9, 2024). Top sectors viewed as non-Environmental, Social, and Governance (ESG) by investors in selected European countries in 2023, by country [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 28, 2026, from /statistics/1489478/secotrs-non-esg-investments-europe/
AXA Investment Managers. "Top sectors viewed as non-Environmental, Social, and Governance (ESG) by investors in selected European countries in 2023, by country ." Chart. May 9, 2024. ÌÇÐÄÆƽâ°æ. Accessed July 28, 2026. /statistics/1489478/secotrs-non-esg-investments-europe/
AXA Investment Managers. (2024). Top sectors viewed as non-Environmental, Social, and Governance (ESG) by investors in selected European countries in 2023, by country . ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 28, 2026. /statistics/1489478/secotrs-non-esg-investments-europe/
AXA Investment Managers. "Top Sectors Viewed as Non-environmental, Social, and Governance (Esg) by Investors in Selected European Countries in 2023, by Country ." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 9 May 2024, /statistics/1489478/secotrs-non-esg-investments-europe/
AXA Investment Managers, Top sectors viewed as non-Environmental, Social, and Governance (ESG) by investors in selected European countries in 2023, by country ÌÇÐÄÆƽâ°æ, /statistics/1489478/secotrs-non-esg-investments-europe/ (last visited July 28, 2026)
Top sectors viewed as non-Environmental, Social, and Governance (ESG) by investors in selected European countries in 2023, by country [Graph], AXA Investment Managers, May 9, 2024. [Online]. Available: /statistics/1489478/secotrs-non-esg-investments-europe/
