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 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, then Director of the Division, in remarks at the 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.” It is worth noting that Grewal, who left the SEC on October 11, 2024, gave his remarks in his official capacity as Director of the Division and that, accordingly, they did not necessarily reflect the views of the SEC, its commissioners or other members of its staff. This article synthesizes his observations. See “SEC Commissioner Uyeda and Enforcement Director Grewal Discuss Compliance Challenges and CCO Liability” (Dec. 7, 2023).