ESG investing has grown exponentially in recent years, driven by both cyclical and structural factors. However, this growth has not been without controversy, as the world of ESG investing is difficult to characterise objectively. At times, abuses have been committed, making it imperative to advance global standards that establish what is and what is not ESG. This report (free access upon registration) examines the academic literature to explain why the industry has grown so much, what the main criticisms are, and whether it actually creates long-term sustainable value — measured by the ratio of 'E', 'S' and 'G' to profitability — for both the company and the investor.