Apart from being world-class at what they do — on the court, on the field or behind the wheel — LeBron James, Kylian Mbappé and Sebastian Vettel share something else in common.

Over the past year or so, all three have made investments in emerging sports in which sustainability and environmental stewardship are central to the proposition.

James joined a clutch of superstar athletes, including Tom Brady, Rafael Nadal, Didier Drogba and Virat Kohli, by becoming a team owner of Team AlUla in E1, the all-electric offshore powerboat racing championship. E1, now midway through its second season, was founded by Alejandro Agag (also the founder of Formula E) and former F1 engineer Rodi Basso.

Though its first season faced disruption due to postponed and canceled races, the second season looks more promising. With an expanding race calendar and an influx of high-profile owners, E1 is beginning to show signs of traction as a viable new sports property.

Meanwhile, SailGP — also raced on water, but several years further along in development — counts Mbappé and Vettel as part-owners of the French and German teams, respectively. The U.S. team, too, has attracted a group of athlete investors: University of Michigan basketball legend Katelynn Flaherty Yates, former U.S. men’s national soccer team player Jozy Altidore and NFL stars DeAndre Hopkins, Malik Smith and Roquan Smith.

While multiple factors no doubt shaped these investment decisions, it’s........

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