Increasing criticism of ESG (an often incoherent investment “discipline” under which actual or portfolio companies are scored in part by how they score against various environmental, social, and governance measures) and the pushback against it in certain (red) states are worrying those in the ESG ecosystem who have done so well politically and economically (or both) out of it. Newspapers such as the Financial Times complain about elected politicians meddling in topics such as ESG, even though ESG is nothing if not political. Billionaires such as Mike Bloomberg and Tom Steyer have issued warnings that those who oppose ESG just don’t understand capitalism, as has (more or less) Al Gore, climate change “prophet” and profiteer.