The dynamics of environmental, social and governance (ESG) investing is complex, with the rising anti-ESG movement promulgated by conservative states and the decidedly favorable attitudes toward ESG investing in Europe. The difficulties of parsing those differences were addressed in a recent webinar hosted by Finpublica, which featured expertise from Moses Singer, August Way Law & Consulting, Morgan Lewis, Wilson Sonsini and Shepard Mullin. This second article in a two-part series evaluates the anti-ESG movement among U.S. states that is occurring via regulatory measures and state attorneys general letters. It also details the contrasting approach to ESG antitrust concerns in the U.S. and E.U., and suggests risk mitigation techniques. The first article examined the national ESG regulatory efforts in the U.S. and Europe, specific ESG enforcement matters in the U.S., select European countries and Australia, and how European investors are pursuing private litigation to shape ESG efforts in the region. See “GM CCO Talks Data, Culture, ESG and Scope Creep” (Oct. 19, 2022).