When the term ESG (Environmental, Social, and Governance) debuted in the U.N.-sponsored “Who Cares Wins” report, it wasn’t virtue signaling. It was a warning: Ignoring climate change, social issues, or corporate governance questions risks undermining long-term company value. This article is your reporter’s guide to that fault line: where ESG came from; how it has been weaponized politically in the Trump administration, and why most of the world sees it as essential that it no