“As Bob Eccles, sustainability researcher and founder and president of investment company Advisory Capital Partners puts it: ‘ESG is about the material environmental, social and governance risk factors that matter to enterprise value-creation. Impact is about the positive and negative externalities created by a company’s products and services.'”

[COMMENTARY] Bob Eccles makes a brilliant distinction between ESG and impact investing. I’ve long been concerned that most ESG analysis doesn’t include the impact on the broader environment, society, etc., of the products and services that companies provide. This is how tobacco and fossil fuel producers can end up with high ESG scores!
In pursuit of positive impact: Growing scrutiny around ESG highlights impact investing as a force for change, by Polly Bindman, March 6, 2023, Energy Monitor, UK.