Source: NYT > Business (paywall)
Companies are moving beyond carbon reduction pledges into actual capital expenditure—retrofitting facilities, relocating supply chains, upgrading infrastructure—because observable damage to operations is now immediate and recurring rather than theoretical. This marks a shift from ESG theater to structural spending, though the calculus remains deeply uneven: companies with existing capital can outpace those without, potentially widening competitive moats while smaller competitors absorb disproportionate climate costs.