Battling the elements: will climate change reshape defence spending?

What does a US-based jet engine manufacturer have in common with an Italian toll road operator? Much has been written about how ESG (environmental, social and governance) investment principles might affect military hardware manufacturers. Far less has been written about how the environment may affect military hardware and its manufacturers, and the essential infrastructure used for both military and civilian purposes. Columbia Threadneedle Investments believes that changes in the environment will increase the cost of military preparedness and increase the attractiveness of the bonds of both...