For the first time in its history, the war in Ukraine is triggering fundamental questions about funds associated with the environmental, social, and governance (ESG) industry and their presence in Russia and China. Following Moscow’s invasion of Ukraine, and China potentially eyeing Taiwan, ESG fund managers are feeling a sense of consternation in this environment, industry observers say. It is estimated that ESG funds had more than $8 billion in Russia prior to the country’s military incursion. In addition, European ESG funds have about $130 billion invested in China, the world’s second-largest economy. However, the global investment sector might be assessing its assets a little bit differently moving forward. Although the financial blows of ESG investing in the Eastern European nation have been cushioned, the pecuniary plight in China is more challenging. Beijing is a massive market, but its lackluster response to the worst military conflict in Europe since the …