External Thermal Insulation Composite System (ETICS) is a commonly used solution in EU countries to increase building energy efficiency. The article describes ETICS in terms of environmental impact from two perspectives, i.e., industry and academia. In EU countries, ETICS manufacturers to place construction products to the market must subject it to the assessment and verification of constancy of performance (AVCP). The basis of this process is the European Technical Assessment (ETA). Based on the number of issued and valid ETAs for ETICS and the number of Environmental Product Declarations (EPDs), the dimension of sustainability issues was discussed. Analysis of one of the environmental indicators (Global Warming Potential—GWP) for ETICS with EPS, XPS, and MW showed only a general trend. However, there are significant differences between the values of the GWP and other environmental indicators that one can use for future AVCP of construction products. In the light of the research described in the paper, it seems reasonable to conclude that AVCP for ETICS in terms of sustainability will be challenging to implement in practice-based only on environmental indicators according to EN 15804. The article also reviews scientific publications on the sustainability of ETICS.