It's currently in vogue to mock the ESG movement especially as some people blame it for high energy prices which are currently plaguing the world. ESG advocates would argue that the inconvenience of higher energy prices is nothing when compared to the potential devastation of climate change.

Regardless of one's stance, even a skeptic would have to acknowledge that while there are certainly some overreaches, there are also some genuinely impactful breakthroughs that are emerging as a result of the movement.

The latest offering comes from Microsoft (MSFT  ) which unveiled its Microsoft Cloud for Sustainability. This is a way for companies to collect, process, and analyze data across their entire supply chain to better understand, monitor, and measure activities in terms of climate impact and sustainability.

It's also an indication that companies are sensing an economic opportunity in the transition towards more sustainable business practices.

For example, Salesforce (CRM  ) announced at its 2021 DreamForce conference that it had become a net-zero energy usage company through the increased use of renewable energy and purchase of carbon offsets when that wasn't possible.

Salesforce also has a Sustainability Cloud product to help organizations manage their climate programs.

Google Cloud also has a feature that shows companies the carbon emissions created by their cloud usage. The company also has a longer-term goal of being emissions-free by 2030. Similarly, IBM (IBM  ) recently purchased Envizi, an Australian startup, which helps companies measure carbon emissions and usage across their supply chain. Its CEO also sees this as a major opportunity over the next decade.

With higher energy prices, these sustainability efforts are more economically beneficial especially if they come with tax breaks. A more cynical perspective is that these companies see an opportunity for profit in this new space. One lesser-known way for investors to take advantage of increased focus on sustainability and more companies moving towards reducing emissions is by investing in carbon offsets. One way to do this is through ETFs or investing in companies that produce alternative energy (who can sell carbon offsets).