This new maturity is driven by several factors. In the broader financial services sector, there has been a marked improvement in the performance of ESG-focused funds, as investors have changed their own ethical standards and become more demanding, and have also considered the financial impact of factors such as consumers’ shift to more sustainable products, potential new ESG regulations, and the reputational influence (negative or positive) of diversity and inclusion policies. One recent report by financial services firm Morningstar found that most ESG funds outperform the wider market over ten years.