Latest news with #CleanPowerPlan2.0
Epoch Times
25-05-2025
- Politics
- Epoch Times
EPA Looks to Remove Biden-Era Carbon Limits From Coal, Gas-Fired Power Plants
The U.S. Environmental Protection Agency (EPA) has confirmed that it is drafting a plan to remove the caps on greenhouse gases from coal- and natural gas-fired power plants across the nation. An EPA spokesperson told The Epoch Times that the agency has been reconsidering the Biden administration's power plant emissions regulations, commonly referred to as 'Clean Power Plan 2.0,' since March. The Biden-era Clean Power Plan marks the third major attempt by the EPA to regulate greenhouse gas emissions from power plants. It follows the Obama administration's original Clean Power Plan, which required power plants to shift toward lower-carbon sources of electricity. 'Many have voiced concerns that the last administration's replacement for that rule is similarly overreaching and an attempt to shut down affordable and reliable electricity generation in the United States, raising prices for American families, and increasing the country's reliance on foreign forms of energy,' the EPA spokesperson said. 'As part of this reconsideration, EPA is developing a proposed rule.' The spokesperson did not provide further details about the draft plan but said it will be released after an interagency review and once it is signed by EPA Administrator Lee Zeldin. 'President [Donald] Trump promised to kill the Clean Power Plan in his first term, and we continue to build on that progress now,' the spokesperson quoted Zeldin as saying. 'We are seeking to ensure that the agency follows the rule of law while providing all Americans with access to reliable and affordable energy.' Related Stories 5/21/2025 5/14/2025 The first Trump administration's Affordable Clean Energy (ACE) rule formally rescinded and replaced the Obama-era regulation. The ACE rule was struck down by the D.C. Circuit in January 2021, on the final full day of Trump's first term. That ruling was itself overturned in 2022, when the Supreme Court The Biden-era regulation that the Trump EPA now seeks to replace, formally known as The only currently known technology capable of achieving such reductions is carbon capture and sequestration, which has not yet been deployed at that scale. The rule quickly came under legal challenge from a coalition of Republican-led states, utility companies, and coal industry stakeholders. Critics said that carbon capture is not economically viable or technologically mature enough to be used at the nation's roughly 200 coal plants. They also pointed to logistical problems, such as the extensive infrastructure needed to pipe captured carbon dioxide into underground storage sites that are located hundreds of miles from the plants. 'By constructing a rule that offers power plant operators the choice of either employing technologies that do not yet exist on a commercial, affordable scale or shutting down, the EPA has wrested control of our nation's energy policy with neither the legal authority nor expertise to do so, all at the exact time that electricity demand is forecast to double,' Rich Nolan, president and CEO of the National Mining Association, Despite opposition, the Biden power plant rule was allowed to take effect after the District of Columbia Circuit Court of Appeals declined to pause it while litigation proceeds. The U.S. Supreme Court also Justice Brett Kavanaugh, joined by Justice Neil Gorsuch, 'So this Court understandably denies the stay applications for now,' Kavanaugh wrote, adding that if the challengers lose at that level, they may again ask the Supreme Court for relief while appealing the case. The D.C. Circuit has not yet issued a ruling on the merits of the case.
Hamilton Spectator
15-05-2025
- Business
- Hamilton Spectator
Birchtech Reports First Quarter 2025 Financial Results
First Quarter 2025 Revenues Totaled $3.2 Million, With Gross Margins Increasing 350 bps to 38.3% CORSICANA, Texas, May 15, 2025 (GLOBE NEWSWIRE) — Birchtech Corp. (TSX: BCHT) (OTCQB: BCHT) ('Birchtech' or the 'Company'), a leader in specialty activated carbon technologies for sustainable air and water treatment, today reported financial results for the first quarter ended March 31, 2025. Key First Quarter 2025 & Subsequent Operational Highlights Management Commentary 'In the first quarter of 2025, we gained a new technology licensee, which enhanced our market share across the coal-fired utility sector and supported consistent revenues of $3.2 million for the quarter in our core business,' said Richard MacPherson, CEO of Birchtech Corp. 'Our patent defense and business-first approach continue to gain momentum in our post-trial outreach, with the potential to convert adopters of our technology to licensees or product supply customers. Combined with the $160 million our counsel requested following the unanimous jury verdict from 2024, which is inclusive of enhancements, interest and legal fees, we believe we are on a robust growth trajectory with our air business. 'Following our successful jury trial in 2024, we have continued our efforts to protect our patented technologies. During the quarter we filed a patent infringement lawsuit against Evergy, a major power utility company in the Midwest. We also secured a non-exclusive agreement with a second coal-fired power utility named as a defendant in a lawsuit filed in mid-2024. As we continue to conduct outreach and discussions with other defendants named in our recent lawsuits, we expect to enter license agreements and/or supply contracts with many of these utilities. 'Further, recent federal government support for clean coal has ensured a longer operational runway for our core air business. A recent U.S. Environmental Protection Agency (EPA) and President Donald J. Trump Proclamation granted a two-year exemption to certain coal-fired power plants from compliance with the updated Mercury Air Toxics Standards ('MATS') introduced under the Biden Administration's Clean Power Plan 2.0 in 2024. This action allows 47 major coal plant owners and more than 60 plants - vital to maintaining grid stability - to remain online through at least 2029 without being burdened by recently introduced regulatory add-ons. Numerous Birchtech utility customers were included in these recently announced exemptions; and, of our existing customers who have announced decommissioning dates, some of these large utilities are considering either extending or removing their decommissioning date. These plants have operated for approximately 10 years under the original MATS framework, and will continue to do so, contributing to improved air quality nationwide. We feel confident in our ability to drive revenue growth across the U.S. coal-fired power sector supported by anticipated coal usage increases both from power demands and the Administration's support through the next several years. 'We continue to make progress with our new water purification business, focused on pioneering sustainable potable water treatment to meet today's environmental challenges and future demands. We aim to revolutionize the treatment of toxins in water, inclusive of the dreaded PFAS/PFOS forever chemicals, with proprietary, innovative, environmentally-friendly, and affordable solutions to ensure the safety and purity of water for future generations. We expect to begin to sell granular activated carbon and water treatment solutions to the potable water industry during the middle part of this year, adding a new revenue source that is expected to be incremental to our aforementioned guidance for the air business. This is all further buoyed by recent news out of the EPA to implement a series of actions aimed at preventing PFAS/PFOS from entering drinking water systems, showcasing clear support from the Trump administration to this important issue. 'Looking ahead, our focus is to protect the validity of our patents in clean air technologies, laying the foundation for our strategic growth into highly innovative water purification technologies currently under development. For our core air business, we expect an accelerating pace of revenue growth, continued IP wins and associated cash receipts from licensing, as well as strong positive momentum from our current customers. For our new water business, we see multiple opportunities to scale as we work to launch in the near term and build the infrastructure to support the future of this business. As we enter this exciting new phase of growth and development, we also expect to pursue a listing onto a major U.S. exchange during the second half of 2025. Taken together, we are on a robust growth trajectory with our air business, further supported by significant incremental potential from the water business in 2025 and beyond,' concluded MacPherson. First Quarter 2025 Financial Results Revenues totaled $3.2 million in the first quarter, as compared to $3.2 million in the same year-ago quarter. The change was driven by an increase in licensing revenues, offset by a slight decrease in supply revenues. Gross profit increased 9.4% to $1.2 million, or 38.3% of total revenues, in the first quarter of 2025, as compared to $1.1 million, or 34.8% of total revenues, in the same year-ago quarter. The change in gross margin was primarily attributable to increased licensing revenues in the first quarter of 2025, which typically carry higher margins than product sales. Operating expenses consisted of selling, general and administrative expenses ('SG&A') and research and development expenses ('R&D') in 2025 and SG&A and in 2024. SG&A expenses were approximately $2.2 million and $3.5 million for the three months ended March 31, 2025, and 2024, respectively. Total SG&A expenses decreased in the first three months of 2025 compared to the prior year period, as a result of variances in individual categories. Total R&D expenses were approximately $407,000 and $0 for the three months ended March 31, 2025, and 2024, respectively. R&D expenses relate to research conducted to develop water treatment products utilizing new sorbent technologies and increased in the first three months of 2025 compared to the prior year period as the Company had not incurred any research related costs during the first three months of 2024. Net loss for the first quarter of 2025 improved to $1.7 million, or ($0.02) per basic and diluted share, as compared to a net loss of $2.9 million, or $0.03 per basic and diluted share in the same year-ago quarter. Adjusted EBITDA, a non-GAAP measure, totaled ($1.2 million) in the first quarter of 2025, as compared to ($1.5 million) in the same year-ago quarter. Cash as of March 31, 2025 totaled $3.2 million, with no debt, as compared to $3.5 million, with no debt, as of December 31, 2024. First Quarter 2025 Earnings Conference Call Management will host an investor conference call at 5:00 p.m. Eastern time today, May 15, 2025, to discuss Birchtech's first quarter 2025 financial results, provide a corporate update and conclude with a question-and-answer session for telephone participants. To participate, please use the following information: Date: Thursday, May 15, 2025 Time: 5:00 p.m. Eastern time U.S./Canada Dial-in: 1-877-407-0792 International Dial-in: 1-201-689-8263 Conference ID: 13753395 Webcast: BCHT Q1 2025 Earnings Conference Call Please dial in at least 10 minutes before the start of the call to ensure timely participation. A telephone playback of the call will be available through Friday, June 13, 2025. To listen, call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally, using replay pin number 13753395. A webcast replay will also be available for one year, using the webcast link above. About Birchtech Corp. Birchtech Corp. (TSX: BCHT) (OTCQB: BCHT) is a leader in specialty activated carbon technologies, serving as America's clean coal and clean water company by delivering innovative solutions for air and water purification to support a cleaner, more sustainable future. The Company provides patented SEA® sorbent technologies for mercury emissions capture for the coal-fired utility sector and is developing disruptive water purification technologies with a specialization on forever chemicals such as PFAS and PFOS. Backed by a strong intellectual property portfolio and a world-class team of activated carbon experts, Birchtech provides cleaner air to North American communities and is applying this expertise to a novel approach in water purification. To learn more, please visit . Non-GAAP Financial Measures To supplement our consolidated financial statements presented in accordance with GAAP and to provide investors with additional information regarding our financial results, we consider and are including herein Adjusted EBITDA, a Non-GAAP financial measure. We view Adjusted EBITDA as an operating performance measure and, as such, we believe that the GAAP financial measure most directly comparable to it is net income (loss). We define Adjusted EBITDA as net income adjusted for interest and financing fees, income taxes, depreciation, amortization, stock-based compensation, and other non-cash income and expenses. We believe that Adjusted EBITDA provides us an important measure of operating performance because it allows management, investors, debtholders and others to evaluate and compare ongoing operating results from period to period by removing the impact of our asset base, any asset disposals or impairments, stock based compensation and other non-cash income and expense items associated with our reliance on issuing equity-linked debt securities to fund our working capital. Our use of Adjusted EBITDA has limitations as an analytical tool, and this measure should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP, as the excluded items may have significant effects on our operating results and financial condition. Additionally, our measure of Adjusted EBITDA may differ from other companies' measure of Adjusted EBITDA. When evaluating our performance, Adjusted EBITDA should be considered with other financial performance measures, including various cash flow metrics, net income and other GAAP results. In the future, we may disclose different non-GAAP financial measures in order to help our investors and others more meaningfully evaluate and compare our future results of operations to our previously reported results of operations. The following table shows our reconciliation of net income (loss) to adjusted EBITDA for the quarters ended March 31, 2025 and 2024, respectively: Safe Harbor Statement With the exception of historical information contained in this press release, content herein may contain 'forward-looking statements' that are made pursuant to the Safe Harbor Provisions of the U.S. Private Securities Litigation Reform Act of 1995 or forward-looking information under applicable Canadian securities laws (collectively, 'forward-looking statements'). Forward-looking statements are generally identified by using words such as 'anticipate,' 'believe,' 'plan,' 'expect,' 'intend,' 'will,' and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release include statements relating to expected developments and growth in Birchtech's business, as well as any revenue guidance provided. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. Birchtech does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance or other forward-looking statements contained in this release can be found in Birchtech's periodic filings with the Securities and Exchange Commission or Canadian securities regulators. Investor Relations Contact: Lucas A. Zimmerman Managing Director MZ Group - MZ North America (949) 259-4987 BCHT@
Fox News
25-03-2025
- Politics
- Fox News
LIZ PEEK: Trump, Zeldin bring a key ingredient to America's 'green agenda'
Where is Greta Thunberg? Where are the enormous protests that should be greeting President Donald Trump's assault on Joe Biden's onerous climate mandates? Is climate activism dying? EPA chief Lee Zeldin recently announced a massive reversal of "green" policies that were likely to put Detroit out of business and stymie our country's dominance of 21st century industries. He is eliminating or modifying 31 environmental regulations that would have, at the least, raised prices and limited choices for consumers. At the worst, they would have had us follow Europe toward sky-high power costs and stagnant growth. Many were programs adopted by the Joe Biden White House in an effort to attract funding and votes from leftist climate activists. None would have moved the needle on global emissions; for that to happen, China and India would have to climb aboard. Those countries account for roughly 40% of global emissions, while the U.S. contributes less than 14%. So far, China and India have only paid lip service to international rule-making that would curb American growth and prosperity, while continuing to build more coal-fired power plants. The rules tossed by Zeldin, who called the overhaul the "biggest deregulatory action in U.S. history," include redoing the regulations slapped on power plants by Biden's Clean Power Plan 2.0, tossing many of the restrictions currently "throttling the oil and gas industry," reviewing Obama's "endangerment finding" and reconsidering Biden's "backdoor EV mandates." He also vowed to terminate the $20 billion in controversial grants shoveled out the door in the final weeks of the Biden administration. All these measures are consequential, including possibly ditching Obama's "endangerment finding," which deems greenhouse gases a pollutant subject to agency regulation. Forbes writes: "The national and global impacts stemming from EPA's 2009 endangerment finding are impossible to overstate," as it has "served as the foundation for a massive expansion of EPA authority, enabling it to impose its will into most aspects of American life." That expansion of authority shows up in Biden's Clean Power Plant Rule, concluded last April, which would have mandated adoption of carbon capture techniques by existing coal and new gas-fired power plants by 2032, technology which is not even commercially viable today. This foolhardy attack on both coal and natural gas would have driven greater reliance on unreliable renewable energy sources like wind and solar, likely leaving the U.S. with inadequate electricity to meet the demands of emerging industries like AI. One of the reasons many international companies are promising to increase their investments in the U.S is the availability of abundant cheap energy, something Zeldin's move will help guarantee. Note that Biden's rule governing power plants was an extension of a similar Obama-era regulation which was rejected by the Supreme Court in 2022. The court found the EPA had gone beyond its authority in attempting to restructure the country's entire power system in favor of renewable energy. Another critical change is the reversal of the "backdoor EV mandates" that supercharged efforts to get rid of gas-powered cars. Specifically, Zeldin is committed to rewriting the tailpipe and emissions regulations for cars and trucks that would have required 56% of new vehicles sold by 2032 to be electric. Since less than 9% of new car sales last year were EVs, that would have been quite a jolt. Our electric grid is not ready to cope with such a massive shift; neither are consumers, who are still concerned about the inconvenience and costs of EVs A Pew poll last year even showed Americans unconvinced that EVs are better for the environment. Most worrisome: Detroit automakers, which continue to lose money on EVs, are not ready for that change. The Big Three automakers will face even steeper competition ahead. China's automaker BYD has become the world's largest EV producer, just surpassing Tesla. While the company does not yet sell cars in the U.S., it announced in 2023 its intention to open a plant in Mexico, which would produce around 150,000 cars per year. BYD said it would not try to sell in the U.S., a promise many found unlikely. Chinese EVs are cheaper and better than those made in the U.S. and in Europe. EV imports from China into the EU grew more than tenfold in value terms from 2020 to 2023. In response, European authorities imposed tariffs on car imports from China for the first time. Climate zealots may be right that EVs are the future, but for the present, Detroit is better off making profitable cars that Americans actually want to buy. Millions of people protested about climate change in 2019, one of the largest global demonstrations ever. Demonstrations have continued, but at a more modest level. Today, even after Zeldin's announcement, and although climate groups are suing to stop his sensible measures, public outrage seems muted. Many are rejecting the high-handed climate mandates which have hurt Europe and threaten the U.S. Voters have become more skeptical about the climate apocalypse routinely forecast by activists like Al Gore (the end of polar bears) and New York Democrat Rep. Alexandria Ocasio-Cortez ("The world is gonna end in 12 years if we don't address climate change…") Polling from Pew Research last fall showed that the country was split on whether Biden's climate policies helped or hurt the country, and that "51% of U.S. adults say they've felt suspicious of the groups pushing for action on climate change." That skepticism will doubtless have grown in the wake of revelations that billions of dollars allocated by Congress in the Inflation Reduction Act flowed to Democrat-aligned NGOs in the final weeks of the Biden administration. And, that some of those newly-formed organizations have little history of climate activism, like the $2 billion that flowed to Democratic activist and politician Stacey Abrams. Voters elected Donald Trump last year because he embraced common sense. Dialing back some of Joe Biden's extreme climate diktats is just that.
Forbes
24-03-2025
- Business
- Forbes
Why Climate Action Matters While Putting America First
Solar energy panels before a nuclear power plant and wind turbines at sunset We are witnessing a sweeping shift in the fight against climate change as the current administration dismantles science-based environmental initiatives, instead prioritizing what it calls "America's energy potential." This policy reversal has earned the United States the dubious distinction of being the only country to withdraw from international climate action agreements, such as the Paris Climate Accord. The pace of these changes has been relentless: references to climate change have been wiped from government websites, grants supporting clean energy and transportation initiatives have been canceled, and environmental regulations have been systematically rolled back. The U.S. Environmental Protection Agency (EPA), historically tasked with protecting human health and the environment, is now pivoting toward massive deregulation. EPA Administrator Zeldin has characterized this shift as "driving a dagger straight into the heart of climate change." Among the casualties are the EPA's Clean Power Plan 2.0, designed to reduce greenhouse gas emissions, and the endangerment finding stemming from the 2007 Supreme Court's decision that greenhouse gases are pollutants under the Clean Air Act. In essence, the EPA's mission has been redefined from ensuring clean air, land, and water for Americans to eliminating the very regulations instrumental for ensuring its original charter. In this rapidly evolving landscape—where "drill, baby, drill" is the new mantra—businesses face a critical dilemma: Should they abandon their climate initiatives in response to policy changes, or should they stay the course? For some, the retreat has been swift. Numerous companies across the technology, energy, and food sectors have quietly rescinded their climate commitments, rolling back policies that once promoted sustainability. But should you follow suit? Scientific consensus is clear: unchecked climate change presents a profound threat to economic growth and national security. Over a decade ago, the Department of Defense warned that climate change would exacerbate natural disasters, refugee crises, and resource conflicts. A 2024 assessment report from the World Economic Forum highlights climate risks to business profitability due to damages to fixed assets, and disruptions to supply chains. These warnings are now a reality. Zurich Insurance Group reports that in 2023 alone, global natural disasters caused $380 billion in economic losses. Data from the National Centers for Environmental Information (NCEI) shows that since 1980, the U.S. has suffered 403 weather-related disasters, each causing over billion dollars in damage. It is worth noting that before 1980, there were only three such billion-dollar events. Ironically, the NCEI—tasked with providing up-to-date data for businesses to make informed, sustainable decisions—has now been deemed non-essential by the Department of Government Efficiency (DOGE). Many of its employees have been terminated, and its offices slated for closure. Businesses now face tough choices. How to stay the course in the absence of regulatory pressure critical for collective action to combat climate change. Other may grapple with how to live up to their climate pledges while also being compliant with rules and regulations in this ever-changing landscape. The current landscape, while challenging, has a surprising silver lining. It affords businesses with some breathing space. It is a gift of time that is free from expectations of stakeholders such as customers demanding sustainable products, or activist shareholders demanding rapid decarbonization, or legislators demanding mandatory disclosures. This is the moment to move beyond symbolic gestures and commit to genuine climate action. Greenwashing—the practice of misleading consumers about environmental efforts—was coined by environmentalist Jay Westerveld nearly 40 years ago, when hotels promoted towel reuse as an environmental initiative while primarily aiming to cut costs. Since then, greenwashing has been enthusiastically adopted by businesses so much so that two-thirds of surveyed US executives admitted to engaging in greenwashing. A European Commission study found that over half of corporate sustainability claims are vague or misleading, while 40% completely lack any supporting evidence. This practice is no longer just unethical—it's financially risky. Stricter consumer protection laws worldwide mean businesses face mounting scrutiny and potential legal repercussions for deceptive claims. Additionally, social media amplifies reputational risks, making it easier for stakeholders to expose and publicize corporate hypocrisy. Research indicates that the resulting brand damage can have long-term consequences. Now is the time to eliminate greenwashing from your business model and thus reverse drain on resources while reducing the risk of alienating stakeholders. Businesses worldwide have made bold commitments to climate action, but many struggle with developing concrete plans. A UK study found that while over 80% of FTSE 100 companies have pledged to achieve net-zero emissions by 2050, only 5% have publicly disclosed their transition strategies. A 2022 survey of 400 business leaders suggest that despite good intentions, there is a genuine struggle in aligning priorities. Balancing short-term financial pressures with long-term climate goals requires strategic thinking. Furthermore, companies lack critical competencies and metrics for measuring progress. Developing sustainability competencies goes beyond investing in technical expertise; it demands a mindset shift—one that places value in understanding the risk and opportunities posed by climate change and a willingness to do something about it. In a time of unprecedented change, taking a slow systematic approach may seem counter intuitive. Due to the very nature of policy turbulence in today's context, stakeholders are unlikely to hold businesses accountable for doing an intentional reset on its climate plans. Knee-jerk reactions aimed at appeasing stakeholders can backfire, raising questions about whether initiatives are genuine or simply for show. According to PwC's 2024 study, a new generation of investors—set to benefit from intergenerational transfer of wealth to the tune of $68 trillion over the next decade—prioritizes brands at the intersection of disruptive technology and climate action. For these investors, integrity and transparency are not marketing buzzwords but essential business principles. Climate change is an inconvenient truth that cannot be ignored or denied. Business leaders need to recognize that their actions—or inactions—will determine the severity of its impact in the years to come. Climate action and economic prosperity are not divergent paths and businesses can thrive when we the people and our environment thrive together.
Forbes
23-03-2025
- Business
- Forbes
America First At The Cost Of Climate Action. A Cautionary Note For Business
Solar energy panels before a nuclear power plant and wind turbines at sunset We are witnessing a sweeping shift in the fight against climate change as the current administration dismantles science-based environmental initiatives, instead prioritizing what it calls "America's energy potential." This policy reversal has earned the United States the dubious distinction of being the only country to withdraw from international climate action agreements, such as the Paris Climate Accord. The pace of these changes has been relentless: references to climate change have been wiped from government websites, grants supporting clean energy and transportation initiatives have been canceled, and environmental regulations have been systematically rolled back. The U.S. Environmental Protection Agency (EPA), historically tasked with protecting human health and the environment, is now pivoting toward massive deregulation. EPA Administrator Zeldin has characterized this shift as "driving a dagger straight into the heart of climate change." Among the casualties are the EPA's Clean Power Plan 2.0, designed to reduce greenhouse gas emissions, and the endangerment finding stemming from the 2007 Supreme Court's decision that greenhouse gases are pollutants under the Clean Air Act. In essence, the EPA's mission has been redefined from ensuring clean air, land, and water for Americans to eliminating the very regulations instrumental for ensuring its original charter. In this rapidly evolving landscape—where "drill, baby, drill" is the new mantra—businesses face a critical dilemma: Should they abandon their climate initiatives in response to policy changes, or should they stay the course? For some, the retreat has been swift. Numerous companies across the technology, energy, and food sectors have quietly rescinded their climate commitments, rolling back policies that once promoted sustainability. But should you follow suit? Scientific consensus is clear: unchecked climate change presents a profound threat to economic growth and national security. Over a decade ago, the Department of Defense warned that climate change would exacerbate natural disasters, refugee crises, and resource conflicts. A 2024 assessment report from the World Economic Forum highlights climate risks to business profitability due to damages to fixed assets, and disruptions to supply chains. These warnings are now a reality. Zurich Insurance Group reports that in 2023 alone, global natural disasters caused $380 billion in economic losses. Data from the National Centers for Environmental Information (NCEI) shows that since 1980, the U.S. has suffered 403 weather-related disasters, each causing over billion dollars in damage. It is worth noting that before 1980, there were only three such billion-dollar events. Ironically, the NCEI—tasked with providing up-to-date data for businesses to make informed, sustainable decisions—has now been deemed non-essential by the Department of Government Efficiency (DOGE). Many of its employees have been terminated, and its offices slated for closure. Businesses now face tough choices. How to stay the course in the absence of regulatory pressure critical for collective action to combat climate change. Other may grapple with how to live up to their climate pledges while also being compliant with rules and regulations in this ever-changing landscape. The current landscape, while challenging, has a surprising silver lining. It affords businesses with some breathing space. It is a gift of time that is free from expectations of stakeholders such as customers demanding sustainable products, or activist shareholders demanding rapid decarbonization, or legislators demanding mandatory disclosures. This is the moment to move beyond symbolic gestures and commit to genuine climate action. Greenwashing—the practice of misleading consumers about environmental efforts—was coined by environmentalist Jay Westerveld nearly 40 years ago, when hotels promoted towel reuse as an environmental initiative while primarily aiming to cut costs. Since then, greenwashing has been enthusiastically adopted by businesses so much so that two-thirds of surveyed US executives admitted to engaging in greenwashing. A European Commission study found that over half of corporate sustainability claims are vague or misleading, while 40% completely lack any supporting evidence. This practice is no longer just unethical—it's financially risky. Stricter consumer protection laws worldwide mean businesses face mounting scrutiny and potential legal repercussions for deceptive claims. Additionally, social media amplifies reputational risks, making it easier for stakeholders to expose and publicize corporate hypocrisy. Research indicates that the resulting brand damage can have long-term consequences. Now is the time to eliminate greenwashing from your business model and thus reverse drain on resources while reducing the risk of alienating stakeholders. Businesses worldwide have made bold commitments to climate action, but many struggle with developing concrete plans. A UK study found that while over 80% of FTSE 100 companies have pledged to achieve net-zero emissions by 2050, only 5% have publicly disclosed their transition strategies. A 2022 survey of 400 business leaders suggest that despite good intentions, there is a genuine struggle in aligning priorities. Balancing short-term financial pressures with long-term climate goals requires strategic thinking. Furthermore, companies lack critical competencies and metrics for measuring progress. Developing sustainability competencies goes beyond investing in technical expertise; it demands a mindset shift—one that places value in understanding the risk and opportunities posed by climate change and a willingness to do something about it. In a time of unprecedented change, taking a slow systematic approach may seem counter intuitive. Due to the very nature of policy turbulence in today's context, stakeholders are unlikely to hold businesses accountable for doing an intentional reset on its climate plans. Knee-jerk reactions aimed at appeasing stakeholders can backfire, raising questions about whether initiatives are genuine or simply for show. According to PwC's 2024 study, a new generation of investors—set to benefit from intergenerational transfer of wealth to the tune of $68 trillion over the next decade—prioritizes brands at the intersection of disruptive technology and climate action. For these investors, integrity and transparency are not marketing buzzwords but essential business principles. Climate change is an inconvenient truth that cannot be ignored or denied. Business leaders need to recognize that their actions—or inactions—will determine the severity of its impact in the years to come. Climate action and economic prosperity are not divergent paths and businesses can thrive when we the people and our environment thrive together.
