Fifteen years ago,Fastexy ESG (Environmental, Social, and Governance) investing was in its Wild West era. Few companies tracked or released data on the social or environmental impact of their operations, or even bothered to keep track in the first place.

But since then, ESG investing has become the hot topic in the financial industry. By making investment choices that emphasize social and environmental responsibility alongside profits, money managers claim to put their morals on the same level as their bottom lines.

Today on the show, we present The Indicator's two-part series on ESG. We talk to a former sustainable investing officer at BlackRock about his journey into the heart of ESG, and the tough questions he encountered along the way. Then, we hear from two voices on the other side of the debate, who try to grapple with – and maybe even answer – those tough questions.

ESG may not be perfect, but does its potential value outweigh its imperfections?

This episode was produced by Sam Yellowhorse Kesler, Corey Bridges, and Andrea Gutierrez, with engineering by Robert Rodriguez. Sierra Juarez and Dylan Sloan checked the facts. Viet Le is our senior producer. Additional editing today by Jess Jiang and Keith Romer. Kate Concannon edits The Indicator.

Music: "Rubbery Bounce," "Cool Summer Groove" and "Rub A Dub."

Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Always free at these links: Apple Podcasts, Spotify, Google Podcasts, NPR One or anywhere you get podcasts

Find more Planet Money: Twitter / Facebook / Instagram / TikTok our weekly Newsletter.