This study examines how ESG and green industrial transition discourses are politically constructed and transformed through an analysis of Swedish parliamentary discourse surrounding the battery company Northvolt. Drawing on parliamentary documents from the Swedish Riksdag, this study collected and analyzed a corpus related to Northvolt using Fairclough's Critical Discourse Analysis (CDA) framework, focusing on core representations, actor construction, legitimization strategies, the construction of risks and costs, and processes of politicization. The findings show that, in the early stages, Northvolt was represented as a strategic project capable of simultaneously achieving green industrial transition and national competitiveness, while environmental protection and industrial growth were framed as mutually compatible goals. However, over time, issues such as electricity supply, housing shortages, public financial burdens, and investment risks became increasingly visible, intensifying tensions within the existing discourse. In particular, following Northvolt's bankruptcy, political conflicts surrounding government intervention and industrial policy failure deepened, leading to the politicization of ESG and green industrial transition discourses themselves. Nevertheless, despite these tensions and ruptures, the legitimacy of green industrial transition did not completely collapse. This study interprets this phenomenon as reflecting the characteristic of “contingent stability” within the Swedish ESG discourse.