We’re approaching the summer holiday peak. Holidays for many, schools closed for some, an eye on the weather for all.

And of course, blockbuster time at the cinema, when producers seek to tempt us with must-see creations that will have us on the edge of our seats.

For the editorial team at the Financial Times this week, that meant ESG: The Movie.

But before you all start ditching the popcorn and heading for the exits, here’s the thing: the near half-hour video released by the newspaper into the current state of the world of ESG, and the twists and turns over the past couple of years, is very watchable and informative.

If you’d just landed from Mars and had no idea what ESG was, it could bring you up to speed comprehensively. Or if you’re in a corporate affairs team and are looking for a high-level summary of what really matters in the world of sustainable investing and associated communication priorities, it is packed full of useful reference points.

So here’s a quick film review, of sorts. Who Killed the ESG Party covers all the expected ground - the origins of the investment concept, the ‘bubble’ of enthusiasm in 2019 and the peak around COP26 in 2021, followed by the increased politicisation of the acronym and key social drivers, and the impact of reprioritisation amongst many investors in the wake of the Ukraine invasion.

FT journalists describe editorial pitches and information from the investment community now as being like “tumbleweed” compared to the heady times of a couple of years ago. The video identifies three main reasons why this has happened.

Firstly, the Ukraine war is called out as a reality check that saw investors reassess conventional energy security over stocks with environmental virtues and higher ratings. The defence sector, having not previously been seen as an ESG flagship, was suddenly reappraised for its part in keeping society safe. This prompted deep reflection and increased calls for ESG ratings to be reformed.

Secondly, the pointed politicisation of the term ESG in the US in particular has begun to poison the acronym, with Republican state governors insisting that certain funds be blacklisted. There is a colourful romp through the perspectives and personalities flying the flag against ESG as an investment construct.

And finally, there’s the spectre of greenwashing, and the extent to which it has impacted how investment funds are labelled and how companies communicate their environmental credentials.

That all adds up to little in the way of firm conclusions, beyond points of view shared by several senior figures in the corporate finance world that while short-term priorities and investment demands will always pull things in different directions, the long-term direction of travel is towards an era of ‘better business’ and a greener economic fabric.

Along the way, we hear from several of ESG’s leading lights and protagonists, in a The Usual Suspects-style bid to identify who has done most to ‘ruin the party’ (spoiler: it wasn’t Keyser Söze).

Often quoted as a voice of reason in big debates about ESG, Norwegian Sovereign Wealth Fund CEO, Nicolai Tangen, is featured throughout, and has what probably should be the last words, even if they aren’t. He signals that ESG is ultimately not about creating good businesses, but about long-term sensible investment.

Meanwhile, Tariq Fancy, the former Blackrock executive who has been loudly critical of how ESG investment has been managed, illustrates that it still comes up short as a “single simple indicator of value”.

Perhaps it always will, as perhaps there is no one-size-fits-all here. But as the video also points out, the change being forced upon the world by the environment, social factors and political instability will see “enormous fortunes” won and lost, so while the acronym may be out of fashion, the long-term business logic is not.