The 2023 Aspen-Nicholas Water Forum focused on Water and ESG. The growing interest in both ESG-integrated and impact-oriented investing raises questions about how to best incorporate measures of water into risk evaluations and ESG scoring methodologies. Drawing on the variety of ways in which water might influence ESG scoring, as it crosses environmental, social and governance dimensions, the forum and resulting report, "Water and ESG: Rhetoric, Reality, and Opportunities," unearthed the benefits and drawbacks of using ESG frameworks, with particular attention to the controversies surrounding ESG labeling and scoring.