Sustainable investment has surged worldwide by more than a third since 2016, reaching assets of more than $30 trillion at the start of last year, new global financial analysis released last week has found.

Sustainable investment assets — which includes environmental, social and governance (ESG) and impact investing — have grown 34 percent worldwide since 2016, according to the Global Sustainable Investment Alliance (GSIA).

The fourth edition of GSIA’s biennial global sustainable investment review brings together results from regional market studies by the sustainable investment forums of Europe, the United States, Japan, Canada, Australia and New Zealand.

It also includes data on the African sustainable investing market in cooperation with the African Investing for Impact Barometer, alongside several countries in North, Central and South America using data provided by the Principles for Responsible Investment (PRI).

Europe accounts for the largest concentration of sustainable investment assets globally, totaling $14.1 trillion, despite its overall global share falling from 53 percent to 49 percent of the total between 2016 and 2018. This “may be due to a move to stricter standards and definitions of sustainable investing” in Europe, according to GSIA.

The second-largest region based on value was the United States, which saw its sustainable assets under management (AUM) grow from $8.7 trillion at the start of 2016 to $12 trillion two years later, marking a rise of 38 percent.

Japan-domiciled sustainable investments quadrupled over the period, rising from just 3 percent of total professionally managed assets in the country to 18 percent to become the largest center for sustainable investing after Europe and the United States.

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