The push towards environmental and social responsibility has reshaped what it means to be successful in the eyes of investors. Whether it pays off to be eco-conscious, not just in public perception but in actual financial performance, is still up for debate.

As the number of companies citing ESG on earnings calls continues to drop, what gets lost in the ESG conversation, is the message. While nearly 96% of S&P 500 companies and 81% of Russell 1000 companies in 2021 published an ESG-related report, according to Governance & Accountability Institute, even supporters have expressed reservations regarding ESG and its murky connection to financial performance.