The SEC’s oft-repeated mission is to protect investors; maintain orderly and fair markets; and facilitate capital formation. The Commission has additional motives, however, including using the SEC Division of Enforcement’s (Division) robust enforcement efforts to restore declining public trust in the financial markets and foster a culture of compliance. The Division has recently directed its efforts at environmental, social and governance (ESG) matters, primarily by applying longstanding antifraud and investor protection provisions to allegedly false or misleading claims concerning ESG, according to Gurbir S. Grewal, Director of the Division, in remarks at the recent Ohio State Law Journal Symposium. The Division’s stance toward ESG is a bit nuanced, however, as he stressed that “[t]he Commission is not an environmental regulator.” This article synthesizes his observations. See “SEC Commissioner Uyeda and Enforcement Director Grewal Discuss Compliance Challenges and CCO Liability” (Jan. 25, 2024).