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- All HBS Web
(412)
- News (64)
- Research (250)
- Events (1)
- Multimedia (2)
- Faculty Publications (158)
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- March 2022 (Revised July 2022)
- Case
Climate Action in Miami
The Miami metropolitan area is a global epicenter of climate risk from heat and sea level rise, but leaders have only recently mobilized for action to respond to this systemic challenge. Resilient 305 began a collaboration across officials in the cities of Miami and... View Details
Keywords: Climate Change; Climate Impact; Change; Leadership; Cross-sector Collaboration; Coalition; Ecosystem; Greenhouse Gas Emissions; Green Business; Adaptation; Environmental Sustainability; Infrastructure; Green Technology; Environmental Management; Miami
Kanter, Rosabeth Moss. "Climate Action in Miami." Harvard Business School Case 322-101, March 2022. (Revised July 2022.)
- May 2023
- Article
Decarbonizing Health Care: Engaging Leaders in Change
By: Vivian S. Lee, Kathy Gerwig, Emily Hough, Kedar Mate, Robert Biggio and Robert S. Kaplan
Health care leaders are often surprised to learn that their operations contribute
significantly to a warming climate. In addition to their roles as responders to and victims
of extreme weather events, health care organizations have an obligation to reduce... View Details
Keywords: Health Care; Decarbonization; Carbon Emissions; Net-zero Emissions; Climate Change; Health Care and Treatment; Health Industry
Lee, Vivian S., Kathy Gerwig, Emily Hough, Kedar Mate, Robert Biggio, and Robert S. Kaplan. "Decarbonizing Health Care: Engaging Leaders in Change." NEJM Catalyst Innovations in Care Delivery 4, no. 5 (May 2023).
- 2023
- Working Paper
The Evolving Academic Field of Climate Finance
By: Matteo Gasparini and Peter Tufano
The urgency and the magnitude of climate change will affect every aspect of our economies, societies, and planet. The academic finance research has begun to study the financial implications of global warming, although this body of literature is small. The field has... View Details
Keywords: Climate Finance; Finance Academia; Greenhouse Gas; Sustainable Finance; Financial Decisions; Educational Finance; Finance; Climate Change; Transition
Gasparini, Matteo, and Peter Tufano. "The Evolving Academic Field of Climate Finance." Harvard Business School Working Paper, No. 23-057, January 2023.
- January 2015 (Revised August 2015)
- Background Note
Climate Change: An Unfolding Story
By: Joseph B. Lassiter III, Sid Misra and Stephanie Puzio
In some parts of the world, the impacts of climate change will prove to be relatively manageable, particularly for the rich. In some parts of the world, these will not, particularly for the poor. The only certainty is that humanity's collective actions will force every... View Details
Keywords: Global Warming; Carbon; Carbon Cycle; CO2; GHG; Greenhouse Gas; IPCC; International Panel On Climate Change; Climate Change
Lassiter, Joseph B., III, Sid Misra, and Stephanie Puzio. "Climate Change: An Unfolding Story." Harvard Business School Background Note 815-079, January 2015. (Revised August 2015.)
- November 2023 (Revised February 2025)
- Background Note
Corporate Climate Targets
By: Willy C. Shih, Michael W. Toffel and Kelsey Carter
Companies that are addressing climate change by mitigating their greenhouse gas emissions often set reduction targets. This note describes several types of widely used carbon reduction targets, including carbon neutral, science based, net zero, real zero, and carbon... View Details
Keywords: Corporate Sustainability; Environmental Strategy; Climate Risk; Target-setting; Climate Change; Environmental Sustainability; Corporate Accountability; Policy; Measurement and Metrics; Strategic Planning; Social Issues; Corporate Social Responsibility and Impact
Shih, Willy C., Michael W. Toffel, and Kelsey Carter. "Corporate Climate Targets." Harvard Business School Background Note 624-041, November 2023. (Revised February 2025.)
- August 2023 (Revised January 2024)
- Supplement
Arla Foods: Data-Driven Decarbonization (B)
By: Michael Parzen, Michael W. Toffel, Susan Pinckney and Amram Migdal
The case describes Arla’s history, in particular its climate change mitigation efforts, and how it implemented a price incentive system to motivate individual farms to implement scope 1 greenhouse gas emissions mitigation measures and receive a higher milk price. The... View Details
Keywords: Dairy Industry; Earnings Management; Environmental Accounting; Animal-Based Agribusiness; Mergers and Acquisitions; Decisions; Voting; Climate Change; Environmental Regulation; Environmental Sustainability; Green Technology; Pollution; Moral Sensibility; Values and Beliefs; Financial Strategy; Price; Profit; Revenue; Food; Geopolitical Units; Cross-Cultural and Cross-Border Issues; Global Strategy; Cooperative Ownership; Performance Efficiency; Performance Evaluation; Problems and Challenges; Natural Environment; Science-Based Business; Business Strategy; Commercial Banking; Cooperation; Corporate Strategy; Motivation and Incentives; Food and Beverage Industry; Agriculture and Agribusiness Industry; Europe; United Kingdom; European Union; Denmark; Sweden; Luxembourg; Belgium
Parzen, Michael, Michael W. Toffel, Susan Pinckney, and Amram Migdal. "Arla Foods: Data-Driven Decarbonization (B)." Harvard Business School Supplement 624-036, August 2023. (Revised January 2024.)
- August 2023 (Revised March 2024)
- Case
Arla Foods: Data-Driven Decarbonization (A)
By: Michael Parzen, Michael W. Toffel, Susan Pinckney and Amram Migdal
The case describes Arla’s history, in particular its climate change mitigation efforts, and how it implemented a price incentive system to motivate individual farms to implement scope 1 greenhouse gas emissions mitigation measures and receive a higher milk price. The... View Details
Keywords: Dairy Industry; Business Earnings; Agribusiness; Animal-Based Agribusiness; Acquisition; Mergers and Acquisitions; Decision Making; Decisions; Voting; Environmental Management; Climate Change; Environmental Regulation; Environmental Sustainability; Green Technology; Pollution; Moral Sensibility; Values and Beliefs; Financial Strategy; Price; Profit; Revenue; Food; Geopolitical Units; Global Strategy; Ownership Type; Cooperative Ownership; Performance Efficiency; Performance Evaluation; Problems and Challenges; Natural Environment; Science-Based Business; Business Strategy; Commercialization; Cooperation; Corporate Strategy; Food and Beverage Industry; Agriculture and Agribusiness Industry; Europe; United Kingdom; European Union; Germany; Denmark; Sweden; Luxembourg; Belgium
Parzen, Michael, Michael W. Toffel, Susan Pinckney, and Amram Migdal. "Arla Foods: Data-Driven Decarbonization (A)." Harvard Business School Case 624-003, August 2023. (Revised March 2024.)
- February 2016 (Revised October 2017)
- Case
Nuclear Energy: An Answer to Climate Change?
By: Michael W. Toffel, Glen W. S. Dowell and James Weber
Environmental activist groups have traditionally opposed nuclear energy. However, the growing environmental problems associated with global climate change require major changes to reduce the carbon intensity of electricity generation. Should environmental groups... View Details
Keywords: Nuclear Energy; Nuclear Power; Climate Change; Safety; Activism; Nonprofit; Environment; Environmental Protection; Social Movements; Energy; Energy Generation; Environmental Sustainability; Non-Governmental Organizations; Non-Renewable Energy; Energy Industry; United States
Toffel, Michael W., Glen W. S. Dowell, and James Weber. "Nuclear Energy: An Answer to Climate Change?" Harvard Business School Case 616-052, February 2016. (Revised October 2017.)
- 2023
- Working Paper
Accounting for Carbon Offsets – Establishing the Foundation for Carbon-Trading Markets
By: Robert S. Kaplan, Karthik Ramanna and Marc Roston
Tackling climate change requires reductions in current and future greenhouse gas (GHG) emissions as well as the removal of existing GHG from the atmosphere. Carbon-offset producers purport to provide such removals. But poor measurement practices and inadequate controls... View Details
Kaplan, Robert S., Karthik Ramanna, and Marc Roston. "Accounting for Carbon Offsets – Establishing the Foundation for Carbon-Trading Markets." Harvard Business School Working Paper, No. 23-050, February 2023.
- October 2021 (Revised May 2023)
- Case
Engine No.1: An Impact Investing Firm Engages with ExxonMobil
By: Mark Kramer, Shawn Cole, Vikram S. Gandhi and T. Robert Zochowski
ExxonMobil, the world's fifth largest source of carbon emissions, remained committed to aggressively expanding its oil & gas business despite global warming. During the COVID pandemic this strategy resulted in massive losses as the price and demand for oil declined. ... View Details
Keywords: Carbon Emissions; Global Warming; Impact Investment Funds; Hedge Fund Activism; Leadership Development; Business Model; Renewable Energy; Resource Allocation; Decision Choices and Conditions; Governing and Advisory Boards
Kramer, Mark, Shawn Cole, Vikram S. Gandhi, and T. Robert Zochowski. "Engine No. 1: An Impact Investing Firm Engages with ExxonMobil." Harvard Business School Case 222-028, October 2021. (Revised May 2023.)
- July 2009 (Revised January 2014)
- Case
Sustainability at Millipore
By: Michael W. Toffel and Katharine Lee
This case describes Millipore Corporation's approach to becoming a more environmentally sustainable company. As he prepared for his quarterly meeting with the CEO, the Director of Sustainability needed to develop positions on several issues. Tactically, he needed to... View Details
Keywords: Investment; Corporate Disclosure; Operations; Corporate Social Responsibility and Impact; Organizational Structure; Natural Environment; Environmental Sustainability; Pollutants
Toffel, Michael W., and Katharine Lee. "Sustainability at Millipore." Harvard Business School Case 610-012, July 2009. (Revised January 2014.) (defining sustainability in a corporate context, managing greenhouse gas (GHG) emissions including inventories, targets, disclosure, reduction strategies.)
- August 2023 (Revised July 2024)
- Technical Note
Power-to-X
By: Willy Shih, Michael W. Toffel and Kelsey Carter
To reduce greenhouse gas emissions that were contributing to climate change, the world needs to transition from fossil fuels to renewable energy sources. Power-to-X (PtX) refers to an array of processes that convert electricity (power) to various gaseous and liquid... View Details
Keywords: Environmental Strategies; Climate Change; Environmental Sustainability; Transition; Renewable Energy; Energy Industry
Shih, Willy, Michael W. Toffel, and Kelsey Carter. "Power-to-X." Harvard Business School Technical Note 624-038, August 2023. (Revised July 2024.)
- June 2011 (Revised February 2024)
- Background Note
Carbon Footprints: Methods and Calculations
By: Michael W. Toffel, Stephanie van Sice and Kelsey Carter
Describes methods to calculate the carbon footprint (greenhouse gas emissions) of an organization's operations and supply chain, and a product or service. Illustrates concepts with examples of calculating the carbon footprint of organizations and products. Provides... View Details
Keywords: Measurement; Climate Change; Climate Impact; Carbon Accounting; Carbon Footprint; Carbon Emissions; Sustainability; Environmental Management; Operations; Supply Chain; Pollutants; Measurement and Metrics; Environmental Sustainability
Toffel, Michael W., Stephanie van Sice, and Kelsey Carter. "Carbon Footprints: Methods and Calculations." Harvard Business School Background Note 611-075, June 2011. (Revised February 2024.)
- 15 Nov 2011
- Working Paper Summaries
Engaging Supply Chains in Climate Change
- May 2023
- Case
CMA CGM: Reducing the Carbon Footprint of Container Shipping
By: Willy C. Shih and Emilie Billaud
Marine transport is the most cost-effective way to move large volumes over long distances, and container shipping is the backbone of international trade in goods. Yet shipping contributed 3% of worldwide greenhouse gas emissions, and the deep-sea segment, which... View Details
Keywords: Container Shipping; Logistic Regression; Trade Links; Decarbonization; Environmental Strategies; Environmental Impact; Globalization; Trade; Environmental Regulation; Logistics; Supply Chain; Governance Compliance; Shipping Industry; European Union; Asia; North America
Shih, Willy C., and Emilie Billaud. "CMA CGM: Reducing the Carbon Footprint of Container Shipping." Harvard Business School Case 623-006, May 2023.
- June 2024
- Supplement
Climate Governance at Linde plc (B)
By: Lynn S. Paine, Suraj Srinivasan, Emilie Billaud and Vincent Dessain
In July 2023, the Linde plc board of directors' sustainability committee convened in London to review the company's environmental performance, with a focus on decarbonization and clean energy. Linde was the world's largest industrial gas supplier, with a workforce of... View Details
Keywords: Climate Change; Environmental Sustainability; Green Technology; Multinational Firms and Management; Corporate Accountability; Corporate Disclosure; Corporate Governance; Governing and Advisory Boards; Compensation and Benefits; Innovation Strategy; Leading Change; Goals and Objectives; Business and Shareholder Relations; Chemical Industry; Energy Industry; United States; Germany; Europe; North America; London
Paine, Lynn S., Suraj Srinivasan, Emilie Billaud, and Vincent Dessain. "Climate Governance at Linde plc (B)." Harvard Business School Supplement 324-141, June 2024.
- June 2024 (Revised December 2024)
- Case
Climate Governance at Linde plc (A)
By: Lynn S. Paine, Suraj Srinivasan, Emilie Billaud and Vincent Dessain
In July 2023, the Linde plc board of directors' sustainability committee convened in London to review the company's environmental performance, with a focus on decarbonization and clean energy. Linde was the world's largest industrial gas supplier, with a workforce of... View Details
Keywords: Climate Change; Environmental Sustainability; Green Technology; Multinational Firms and Management; Corporate Accountability; Corporate Disclosure; Corporate Governance; Governing and Advisory Boards; Compensation and Benefits; Innovation Strategy; Leading Change; Goals and Objectives; Business and Shareholder Relations; Chemical Industry; United States; Germany; Europe; North America; London
Paine, Lynn S., Suraj Srinivasan, Emilie Billaud, and Vincent Dessain. "Climate Governance at Linde plc (A)." Harvard Business School Case 324-140, June 2024. (Revised December 2024.)
- Guest Column
Decarbonizing Economy Requires Lot More Electricity: Big Ramp-ups in Solar, Wind Power Are Needed
By: Jurgen Weiss
The column summarizes the findings of a report prepared for the Coalition for Community Solar Access, which concludes that to achieve New England's 2050 economy-wide greenhouse gas emissions reductions goals would require increasing the annual deployments of new... View Details
Weiss, Jurgen. "Decarbonizing Economy Requires Lot More Electricity: Big Ramp-ups in Solar, Wind Power Are Needed." CommonWealth (October 19, 2019).
- Research Summary
Conceptualizing and measuring environmental sustainability
This research involves developing clarity around the murky construct of environmental sustainability, and improving techniques to measure corporate environmental performance. My prior research in this domain includes View Details
- June 2008 (Revised October 2008)
- Case
International Carbon Finance and EcoSecurities
By: Andre F. Perold, Forest L. Reinhardt and Mikell Hyman
In late 2007, EcoSecurities had to decide whether to undertake a new Clean Development Mechanism (CDM) project in China. EcoSecurities was an aggregator of carbon credits and also invested directly in projects that produced carbon credits. Governments and firms... View Details
Keywords: Non-Renewable Energy; Cost Management; Investment Return; Business and Government Relations; Risk and Uncertainty; Investment; Cash Flow; Valuation; Pollutants; Environmental Sustainability; Financial Services Industry; China
Perold, Andre F., Forest L. Reinhardt, and Mikell Hyman. "International Carbon Finance and EcoSecurities." Harvard Business School Case 208-151, June 2008. (Revised October 2008.)