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.”

In many states where anti-ESG bills are not just up for debate but have been signed into law, the underlying motivation appears to be protecting core industries—oil and gas, coal, even agriculture—from losing access to capital.