ESG, short for environmental, social, and governance (ESG), refers to the practice of integrating ESG criteria into businesses, to bring about sustainable development outcomes. Coined almost two decades ago in 2004 by a group of financial institutions1 in a United Nations report titled "Who Cares Wins," references to ESG have become nearly ubiquitous worldwide, especially in the United States and Europe, reflecting the startling growth of this area. According to Bloomberg, global ESG assets under management increased by nearly 66 percent over four years, from US$22.8 trillion in 2016 to US$37.8 trillion as of the end of 2020.