Conservatives Have a New Rallying Cry: Down With ESG

WASHINGTON—Conservative activists are coordinating a multimillion-dollar national campaign to make ESG the next CRT.

Their goal: Transform the acronym for environmental, social and corporate-governance investing into a rallying cry against “woke capitalism,” much the way critical race theory became shorthand for broader criticisms about how race is taught in schools. The same conservative money is behind both efforts, documents and interviews show.