According to McKinsey, the importance of ESG can mostly be attributed to the environment part of the discussion, although the other two criteria are not to be overlooked, say experts, particularly the social aspects.

Still, because it requires evaluation of a company's operations and whether or not they represent healthy business practices, ESG has received some criticisms over time.

One concern about ESG is the fact that it might disrupt what a company is trying to do in the first place, which is making as much profit as possible, while following the basic social rules.

Considering climate change, the basic rules of society are not enough anymore, since consumers buy more and companies produce way more than they did in the past.

ESG "greenwashing" is also a big problem among companies, since there have been some industry members caught overstating or straight-up lying about their environmental efforts, just to get the attention of the investors.

Moreover, some experts say that three out of four investment companies don't trust businesses when it comes to achieving their ESG objectives.

Another complaint that companies' executives have about ESG is the fact that it is hard to implement an ESG strategy that will please multiple stakeholders, let alone all of them.

They can have an advantage if their politics are to benefit either the customer, the employees or the environment and then there are also the shareholders, which have a say in how a company is being ruled.

Another potential issue with ESG is the fact that evaluation is not clearly defined to this day.

This means that ESG scores can vary noticeably, as some evaluators might look, for example, into the amount a company invests in training, whereas others might value how many hours employees have spent in training.

ESG is here to stay and companies should adapt to it

Despite maybe not agreeing with the way ESG factors are being evaluated or finding it difficult to implement policies that would comply, many companies these days are looking to please authorities and investors.

They want to become more responsible either by improving working conditions or increasing wages or by setting science-based climate objectives to reduce their emissions and impact on the environment.

One company that took at least the environment very seriously is Patagonia, whose founder decided to donate it so that all profits after reinvesting in operations would go towards planet-saving actions.

Obviously, not all companies have to do the same to improve their ESG rating, but by being more planet-oriented and improving with regards to society, they can improve their image for investors.

Also, authorities should come with clearer evaluation criteria so that executives will know where to improve so that their companies will become more responsible.