CEOs released last month ( Climatewire, Oct. A third of American companies have already paused or reconsidered such initiatives, while another 59 percent plan to take those steps soon, according to a survey of 400 U.S.
The potential troubles facing Frontier come as some corporate leaders are pulling back on the environmental, social and governance efforts of their firms. Even if that happens, they argued the new climate law signed by President Joe Biden in August could soften the impact of reduced corporate funding for startups attempting to remove CO2 from the air and oceans. Other experts downplayed the possibility that Frontier member companies could fail to deliver on their carbon removal commitments. “Because they have another bottom line to think about - satisfying the expectations of their employees that they will be climate champions.” “My guess: they’ll keep this commitment, but just spend less on it over the next 2-3 years,” he wrote in an email, referring to the Frontier member companies. Taken together, the financial tumult battering the high-profile coalition for advancing carbon-catching technologies illustrates the danger of relying on corporations to fund climate innovations that scientists say are essential to prevent the worst effects of warming.Ĭompanies facing economic headwinds often consider spending cuts on initiatives outside of their core business, but they also “will weigh that against the harm to their reputation from backing out of a commitment,” said Bill Weihl, the executive director of ClimateVoice, who previously led the environmental programs at Facebook and Google.
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