Heading into the hotly contested midterm elections, the American political proper has a brand new rallying cry: Down with ESG.

Conservatives have recognized the favored investing technique, which accounts for environmental, social and governance risks, as a part of a broader narrative about left-wing overreach and “wokeness” run amok. Utah Treasurer Marlo Oaks calls it “corporate cancel culture.” Behind the rhetoric lie insurance policies designed to sap the momentum of one in every of Wall Street’s most successful initiatives in recent times, now price $35 trillion globally. If it really works, it can firmly ensconce ESG within the tradition wars, impress voters and weaken the resolve of huge asset managers to behave on climate change and different massive, societal points.