Defence is increasingly coming into focus for investors, but it’s not a straightforward story. In this episode of FS Sustainability’s The Greener Way podcast, Jessica Cairns unpacks what a “roadmap” to defence investing actually looks like today; from the structural drivers behind rising demand to the ethical and ESG considerations that continue to shape how investors approach the sector.

With geopolitical tensions driving sustained increases in defence spending and longer-term government contracts providing revenue visibility, the opportunity set has evolved meaningfully in recent years. At the same time, questions around governance, transparency, and responsible investment remain front of mind.