From my understanding, it is the primary reason for investors to incorporate in ESG that ESG is the risk and opportunity and may improve the long term investment performance.

Second, but from more important aspect in the global trend, is the investors' social responsibility to contribute to pursue social benefit or to share the cost of global externalities through profit making activities.

My question is related to the latter mentioned above, and also related to the discussion point #5 & #8.

5. … Is there credible and shared understanding of what is meant by “sustainability” in investing?
8. What differences could one expect in the real world ….

I would like to know the latest research, if any, about how social impact ($) of ESG investments is/can be measured.

Thank you.