The blowback against environmental, social, and governance (ESG) initiatives in investments and corporate strategies is quickly building momentum in conservative politics.

“It has become an identifying political issue, where politicians can plant a flag to declare where they stand,” said Lance Dial, a partner at law firm Morgan Lewis. “This is really more about politics than about the law.”

Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...