Two of the US’s biggest asset management companies appeared in Texas on 15 December to defend their ESG investing and actions on climate change, in particular as it relates to the oil and gas industry.

Environmental, social, and governance, or “sustainable” investing — the terms are often used interchangeably — hasn’t historically been a hot political topic. But that has changed in recent years as more Republican politicians have seized on the strategy as part of the larger culture wars and found it a motivating issue for their base.