One of the fundamental challenges facing fund managers that desire to achieve environmental, social or governance (ESG) goals through their investments is a lack of consistent terminology and data for measuring companies’ practices and the impact of investment strategies. A study by Util, a U.K.‑based technology company, found that “greenwashing” is widespread; so-called “sustainable” funds perform only marginally better than other funds in advancing the U.N.’s sustainable development goals; and investment activity generally has an adverse impact on the environment. Util’s report on its research also highlights the extreme complexity of measuring the impact of ESG investing. This article explores Util’s research and key findings, with insights from Util’s chief marketing officer, Elisabeth Steyn, who authored the report with Jose Maria López Sanz, Util’s chief technology officer. See “Morgan Lewis Attorneys Discuss the Global ESG Landscape” (Aug. 19, 2021); “Manager and Investor Interest in ESG Is Growing, According to Recent Global Hedge Fund Study (Part Two of Two)” (May 20, 2021); as well as our two-part series “Navigating the Evolving Legal and Regulatory ESG Investing Terrain”: Part One (Nov. 19, 2020); and Part Two (Dec. 10, 2020).