Environmental, social, and governance investing is gaining popularity not only for its “feel-good” factor but also for its potential to spot financial risks that often cannot be identified in a company’s quarterly results. The threats that climate change poses to a supply chain or the scandals that could arise from a discriminatory workplace may have a dramatic impact on a company’s future performance. The trouble is these risks are hard to measure and rarely disclosed. This presents a challenge for the insurers, pensions, family offices, and other large investors looking to improve the long-term sustainability of their portfolios.