It's a cynical cash grab, meant to make companies look good, and give Joe Public the impression that "positive change is happening", when 1. It is not, 2. Some change is happening, but what little there is, is mostly negative (implicit bias training rackets, etc.)

But it is primarily a racket. You don't need an ideology or a program for societal control to have a good racket -- in fact, it's best not to have one, so you can cynically jump onto the latest thing for this business cycle.

So I disagree with you completely, despite being strongly critical of the ESG phenomenon. This is a pretty popular position BTW. Many ESG critics (probably such as yourself) are in a bubble, as they think people such as myself are supportive of ESGs just because they are left-wing, when to most left-wingers, it's yet another example in a long history of greenwashing.

Only people in on the racket are for it: McKinsey types, CEOs, fund managers that are worried about activist investors such as Norway's Sovereign Wealth Fund, etc.