I'm a lot more cynical about the trend. ESG funds serve the sell-side's desire to charge higher expense ratios and the buy-side's desire to feel clean and ethical. It's much less clear that they have had any positive impact on corporations' behavior (or even stock prices).

The "G" is also there mostly because it's the only thing that can be quantified across every company. For that reason it dominates the sampling, even though most values-driven investors care much more about the E and S.