The amount of money flowing into investment funds that claim to invest in sustainable businesses has surged in recent years. More companies than ever have embraced policies with environmental, social and corporate governance criteria as their central plank. But there's a debate over what ESG investing can achieve, particularly when it comes to cutting carbon emissions and addressing climate change.

In the final episode of our five-part series on ESG investing, we hear from two leading FT voices on opposite sides of the argument. Cheering the rise of ESG is Gillian Tett, the FT’s US editor-at-large and co-founder of Moral Money, the FT team that covers sustainable business and finance; and casting a sceptical eye is the FT’s US financial commentator Robert Armstrong, who also writes Unhedged, the FT newsletter on Wall Street.

The ESG investing industry is dangerous

Team ESG fights back

A carbon price should be top of the wish list at the climate talks

The need to elevate developing countries at COP26

Check out stories and up-to-the-minute news from the Moral Money team here.

Get 30 days of the premium Moral Money newsletter free, together with complimentary access to FT.com for the same period, visit www.ft.com/insideesg

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5 - Inside ESG: A sceptic vs a believer, our experts face off 20:59 Share

Behind the Money

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5 - Inside ESG: A sceptic vs a believer, our experts face off