He has been critical of the general avoidance of backing defence technology in what he argues is an increasingly militant global economy. “ESG is a fantastic first-world set of principles held in a robust Western democracy, and those are best defended by armies and militaries,” Mr Baxter said. “And the fact that defence isn’t carved inside the ‘G’ of ESG is surprising, and a misinterpretation of ESG principles.” Sovereign capability ESG (environmental, social and governance) parameters have emerged as a global trend influencing capital markets, with investors held to strict standards and discouraged from directing money towards businesses that harm…