ARTICLES
The Missing Whistleblower, the Ghosted Chair, and the Wired Mice
The Missing Whistleblower, the Ghosted Chair, and the Wired Mice
The last five years have witnessed enormous anti-ESG pushback from elected Republican officials in red states. Examples include a letter to…
A Survey of Anthropic’s Risk Factors
A Survey of Anthropic’s Risk Factors
Shiva Rajgopal and I recently published “Anticipating the Risk Factors in Anthropic’s IPO Prospectus: What they should be and what they will be.” We are now running a follow-up survey, open through October 15, 2026. It asks you to rate…
Anticipating the Risk Factors in Anthropic’s IPO Prospectus
Anticipating the Risk Factors in Anthropic’s IPO Prospectus
Anthropic has confidentially submitted a registration statement for what may be the largest initial public offering in…
The Red State Attorneys General Letter to the Big Four Firms
The Red State Attorneys General Letter to the Big Four Firms
Dan Crowley, a lawyer at K&L Gates who focuses on financial services, has been a good friend of mine for over 20 years. And he’s a…
The Red State AG Attack on ESG Continues to Misfire
The Red State AG
Attack on ESG Continues to Misfire
On August 24, sixteen Republican state attorneys general (AGs) sent a 38-page letter to the chief executives of Deloitte, EY, KPMG and PwC, copying the SEC’s Chairman and its...
An Interview with Sue Lloyd, Vice-Chair of the International Sustainability Standards Board
An Interview with Sue Lloyd, Vice-Chair of the International Sustainability Standards Board
I have been a big supporter of reporting standards for sustainability performance for nearly 40 years. I was the Founding Chairman of the…
Putting Product-Level Carbon Accounting into Historical Perspective
Putting Product-Level Carbon Accounting into Historical Perspective
I recently read The Carbon Accounting Landscape Review, published by the International Chamber of Commerce (ICC) and prepared by the Secretariat of…
Why Climate Philanthropy Is a Dysfunctional System
Why Climate Philanthropy Is a Dysfunctional System
I have been working on this since before it had a name. My first thesis, on eco-industrial development, was written in 2003, a year before the UN Global Compact’s…
Three Eras
Three Eras
Twice before, America’s response to environmental challenges has changed course as circumstances have changed. Both times, the country adjusted and moved…
Divided Government and System Behavior
Divided Government and System Behavior
Chapters 8 through 11 were constructed as stress tests. Each scenario isolated a different configuration of political control and institutional response in order to…
Unified Democratic Control (2028)
Unified Democratic Control (2028)
The shock has occurred with the same sustained visibility that defined the prior scenarios. Insurance markets contract or exit high-exposure regions. Infrastructure…
Nebraska Is a Climate Champion
Nebraska Is a Climate Champion
It is with the utmost sincerity that I would like to recognize the leadership shown by elected officials in the State of Nebraska in preparing their state for the consequences…
Democratic President & House, Republican Senate (2028)
Democratic President & House, Republican Senate (2028)
The physical shock registers across the economy with the same visibility that drove the previous scenarios—insured losses accumulate, infrastructure fails in documented…
Getting Beyond Frameworks
Getting Beyond Frameworks
The music was already loud when the doors opened. Not nightclub loud. Precisely calibrated. Loud enough bass to be felt through the carpet, enough rhythm to create…
Republican Presidency & Senate, Democratic House (2028)
Republican Presidency & Senate, Democratic House (2028)
Divided government is often described as a constraint on action. That description is incomplete. Divided government is better understood as a machine for converting…
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