Personally I don't fully believe there exists an ESG risk premia. I think it's very difficult to find a big enough and uniform group of companies that can achieve a dual mandate of profitability and high ESG focus.
To be able to pick a few of these companies would also prove difficult and may not be worth the effort.
However I do believe that in the near future, there will be a tide of investors (millennials or the next generation perhaps) who will fanatically invest only in such companies.
Because of that, there is upside to this theme.
So what I hope to do is ride the short term trend when it is in fashion in an almost bubble-like way, then exit (if my assessment of no long term premia still holds).