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Worst corporate polluters hide in regulatory ‘darkness,’ study finds on August 25, 2023 at 10:00 am Business News | The Hill

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Many of the world’s corporations may be responsible for climate damages far greater than their annual profits, a new study has found. 

For the biggest polluters worldwide — the fossil fuel-dependent power industry — that means potential legal liabilities around seven times their annual profits, four economists from leading universities wrote on Thursday in Science.

“The average corporate carbon damages [are] economically large,” the economists wrote.

Those climate damages result from a “choice” on the part of regulators, coauthor Michael Greenstone of the University of Chicago told The HIll.

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That’s because the key to bringing those emissions down is forcing firms to disclose them — and creating penalties for failing to do so, Greenstone said.

While agencies like the Securities and Exchange Commission have proposed making such disclosures mandatory, “to date, that has not been a requirement,” he added.

It has also been politically controversial: The GOP has made a campaign against mandatory climate disclosure a key plank of its platform, as The Hill has reported. 

 In the absence of rigorous information, the researchers made use of publicly available data based on 15,000 companies’ voluntary disclosures. Then they multiplied those numbers by an estimated “social cost of carbon” — a metric of the damage done by every ton of greenhouse gas released into the atmosphere.

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While most firms were responsible for a lot of damage, they write, culpability was not equal.

The team found a wide range of climate costs “across firms, industries, firms within industries, and countries.”

 Among “companies who are basically doing the same thing, some emitted more than others producing the same product,” a sign that it’s possible “to produce the product without such heavy emissions,” Greenstone said. 

In those instances, government regulators could require particularly high-emitting businesses within a given sector to shift their emissions down; investors could choose not to invest in them; or plaintiffs could sue them.

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“You can reduce emissions through many different channels,” Greenstone said. But mandatory disclosure is “the foundation of many forms of carbon policy.

Based on the limited data available, researchers concluded that the average firm worldwide could be liable for damages equal to 44 percent of their annual profits.

That number was a bit lower for U.S. companies — an average of 18.5 percent of profits. 

But in this case, averages aren’t very helpful because even in the most polluting sectors — energy, power utilities, transportation and agriculture — have stark variations in their potential carbon damage.

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Worldwide, energy companies in the bottom 10 percent of emitters could have caused carbon damages equivalent to 4.5 percent of their annual profits.

But global energy companies in the top 90 percent and above could be responsible for carbon damages of nearly four times their annual profits — or comparatively 100 times as much as those bottom-ranked energy companies.

In the U.S., the 90th percentile polluters in the most carbon-intensive sectors were also responsible for damages in excess of their annual profits.

That meant 234 percent for energy; 178 percent for food, beverages and tobacco; 201 percent for materials, including concrete to petrochemicals; and 342 percent for utilities.

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But there’s one big caveat, the authors note: These numbers are likely significant underestimates because they come almost entirely from disclosures that those companies have made voluntarily — companies that face “no penalties for misreporting.”

“This … underscores the need for mandatory and verified emissions reporting,” they write.

They note that financial markets can’t “discipline” high polluters through lower stock prices if they don’t know how many tons of greenhouse gasses those companies release — a core demand of the environmental, social and governance (ESG) movement.

Finally, the need to share their emissions — a source of potential embarrassment and even legal liability — creates a good incentive for companies for bring them down, they wrote.

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While many companies worldwide have net-zero policies, those claims are difficult to evaluate against the company’s actual actions. 

The economists argue that climate legislation without legal teeth to punish companies that don’t comply, or that mislead investors will struggle to be anything more than “ad hoc.”

Greenstone cautioned it was “inappropriate and incorrect” to lay all this blame at the feet of the companies themselves. When it comes to parsing out the relative responsibility between companies and consumers, he said, “we don’t have the data for it.”

More to the point, he argued, such blame isn’t necessary: regulatory change is. “Companies respond to the regulatory and policy playing field,” he said. 

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 “If there was a carbon price of $200 a ton, the companies would figure out how to deal with it, they might be painful for them, but they would figure out how to do it.”

 But right now, he noted, “our national carbon price is effectively zero.”

The findings in Science do not specifically focus on the idea of litigation to make companies pay those damages. But their publication comes amid a new wave of litigation against fossil fuel companies and the legislatures that have reflexively encouraged and subsidized their use

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​Equilibrium & Sustainability, Business, Energy & Environment, News, Climate change, climate disclosure rules, pollution Many of the world’s corporations may be responsible for climate damages far greater than their annual profits, a new study has found.  For the biggest polluters worldwide — the fossil fuel-dependent power industry — that means potential legal liabilities around seven times their annual profits, four economists from leading universities wrote on Thursday in Science. “The average corporate carbon…  

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The Last of Us” Season 2: Cast and Creators Share Insights at SXSW

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The cast and creators of the highly anticipated second season of “The Last of Us” gathered at SXSW to discuss the upcoming season. The panel featured cast members Pedro Pascal (Joel), Bella Ramsey (Ellie), Gabriel Luna (Tommy), Kaitlyn Dever (Abby), Isabela Merced (Dina), and Young Mazino (Jesse), along with co-creators Neil Druckmann and Craig Mazin.

Navigating Expectations and Surprising Fans

With the immense success of season one, Druckmann and Mazin acknowledged the pressure to deliver a worthy follow-up. Mazin emphasized their approach to cater to both fans of the game and newcomers to the series. “We try and think about the people who have played the game and make sure that we keep them on their toes and a little bit surprised,” Mazin stated. Druckmann highlighted the emotional weight of adapting “The Last of Us Part II,” emphasizing the dedication of the entire production team to doing justice to the source material.

A Glimpse into Season 2

Attendees were treated to a trailer for season two, offering a glimpse into the evolving relationship between Joel and Ellie five years after the events of the first season. Ramsey described the changed dynamic, hinting at a rift between the characters. Pascal added that their relationship is in “a different place” and that it is “fucking heartbreaking”.

Big Ideas: Tribalism, Love, and Loss

The creators delved into the central themes of season two, including tribalism, the destructive nature of love, and the consequences of loss. Druckmann explained that the season explores the complexities of community and the dehumanization that can occur when groups clash. Mazin emphasized the escalation of these themes, highlighting the potential for isolation and the lengths characters will go to protect their loved ones.

New and Expanded Characters

The panel also touched on new characters and expanded roles in season two. Gabriel Luna discussed Tommy’s evolution into a father, emphasizing how it solidifies his purpose and strengthens his commitment to protecting his family and community. The introduction of new characters like Gail, played by Catherine O’Hara, and the expansion of existing characters like Isaac, played by Jeffrey Wright, promise to add depth and nuance to the narrative. Additionally, the inclusion of Joe Pantoliano as Eugene, a character mentioned but not seen in the game, offers a rewarding experience for longtime fans.

Music as a Binding Force

Music continues to play a significant role in “The Last of Us,” particularly in the relationship between Joel and Ellie. Ramsey shared that music serves as a bonding experience for the characters, mirroring the connection between the actors on set. The guitar, a symbol of Joel’s promise to teach Ellie, takes on a more prominent role in season two.

Diving into the Game

The actors discussed their individual approaches to engaging with the source material. Kaitlyn Dever shared her experience playing the game with her father, while Young Mazino admitted to playing the second game up to a certain point.

How to Find More Free Events

Whether you’re a badge holder or not, SXSW 2025 offers something for everyone. From delicious food to live music and interactive experiences, there’s no shortage of fun to be had without spending a fortune. So, grab your friends and enjoy the best of Austin without a badge!


Bolanle Media covers a wide range of topics, including film, technology, and culture. Our team creates easy-to-understand articles and news pieces that keep readers informed about the latest trends and events. If you’re looking for press coverage or want to share your story with a wider audience, we’d love to hear from you! Contact us today to discuss how we can help bring your news to life

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No Badge? No Problem: Free SXSW Events

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SXSW, one of the world’s most vibrant festivals, is underway in Austin, Texas, from March 7 to 15, 2025. While official badges can be pricey, there are plenty of free events and activities that allow everyone to join in on the fun without breaking the bank. Here’s a guide to some of the best free events at SXSW 2025:

Free Food and Drinks

  1. Argentinian Barbecue at Tech N’ Fest
    • Enjoy a fusion of Argentinian and Texas barbecue, along with complimentary wine and beer, at Buenos Cafe on March 7.
  1. Love is Blind at Lucille
    • Celebrate the fifth anniversary of Netflix’s “Love is Blind” with free coffee and cocktails at Lucille on Rainey Street.
  2. Free Pastries and Non-Alcoholic Beer
    • Handsome’s and Helium Mobile are hosting a gathering with free pastries and non-alcoholic beer, featuring DJ Jah Karma.
  3. Mionetto Salone
    • Experience Italian culture with free spritzes and Prosecco at the Mex-Ar Museum.

Interactive Experiences

  1. Whataburger’s Museum of Art
    • Explore hundreds of pieces of fan art and interactive features at Wanderlust Wine Co. on March 8-9.
  2. Barbie Birthday Cake Mochi
    • Enjoy free mochi ice cream at the SX Registrant booth from March 7 to 12.
  3. Artisan Mercado@SXSW
    • Discover local artisans and their wares at 419 Congress Ave. on March 7..

Music and Entertainment

  1. Rolling Stone’s Future of Music Showcase
    • Catch live music performances at ACL Live from March 11 to 14.
  1. Taiwan Beats Day Party
    • Enjoy Taiwanese hip-hop performances and cuisine at Seven on East 7th Street.
  2. Something To Feel X SXSW Rnb Party
    • Dance the night away at 612 W 4th St on March 7.

Networking and Community Events

  1. K-Content Night 2025 @ SXSW
    • Enjoy free dinner and drinks at Parlor & Yard on March 8.
  2. SXSW Creator & Publisher Happy Hour
    • Network with industry leaders at Chisos Boot Company on March 8.

How to Find More Free Events

Whether you’re a badge holder or not, SXSW 2025 offers something for everyone. From delicious food to live music and interactive experiences, there’s no shortage of fun to be had without spending a fortune. So, grab your friends and enjoy the best of Austin without a badge!


Bolanle Media covers a wide range of topics, including film, technology, and culture. Our team creates easy-to-understand articles and news pieces that keep readers informed about the latest trends and events. If you’re looking for press coverage or want to share your story with a wider audience, we’d love to hear from you! Contact us today to discuss how we can help bring your news to life

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HRM Queen Shanta Lana Hereford Delivers Powerful Speech on Global Peace

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New Delhi, India – February 16, 2025 – Her Royal Majesty Queen Shanta Lana Hereford, a distinguished global leader and advocate for peace and economic empowerment, was a special
guest speaker at an international event hosted by the EurAsia Afro Chamber of Commerce. The
hybrid event, aired live from New Delhi, India, gathered influential leaders, policymakers, and business executives from around the world to discuss global cooperation, economic diplomacy, and sustainable peace.


Queen Shanta delivered a compelling speech titled “Creating a Framework for a Global Peace Charter,” emphasizing the need for a justice-centered, faith-driven approach to global peace. She outlined a transformative vision, calling for governments, businesses, and faith leaders to unite to draft policies integrating equity, economic accountability, and environmental stewardship into global governance.


“The pursuit of peace is not just the absence of war; it is the presence of justice, dignity, and
opportunity for all, ” Queen Shanta stated. “We must move beyond just talking and establish
actionable frameworks that empower nations and communities to achieve lasting prosperity and peace.”


The EurAsia Afro Chamber of Commerce, under the leadership of its founder and chairman, Dr. Rohit Gupta, is dedicated to fostering economic and cultural collaboration between Africa, Asia, and Europe. The organization aims to create a strong, interconnected business network
bridging these regions, facilitating pathways for economic prosperity and diplomatic relations.
As a prolific leader within the African American diaspora and a global advocate for its
advancement, HRM Queen Shanta Lana Hereford is actively exploring opportunities for trade
and commerce between Africa, Asia, Europe, and other international communities.

Through her affiliations with organizations such as The African Diaspora Collective, The Atlanta Black Chambers, The Black Achievement Fund, The National Business League, The 10K Project, and many others, she is championing economic initiatives that build sustainable supply chains and foster strategic partnerships.


Her mission is to create economic opportunities for Black entrepreneurs and business leaders in America, who have historically been excluded from global trade discussions. By forging these international connections, Queen Hereford is working to ensure that Black communities in the U.S. not only have a seat at the table but play a key role in shaping the future of international commerce, economic empowerment, and global policy.

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The event featured several other distinguished guests, including:
● Dr. Rohit Gupta: Founder and Chairman of the EurAsia Afro Chamber of Commerce,
Dr. Gupta has been instrumental in promoting cross-continental business relationships
and trade.
● H.E. Bishop Dr. Samsher Khan: Founder of the BSK Prayer Tower and IRKT, Bishop
Dr. Khan serves as a Peace Ambassador for the International Human Rights
Commission (IHRC) and holds the position of Asia’s Social Media Editor. He is dedicated
to promoting peace and spiritual well-being across communities.
● Madam Sadhvi Pragya Bharti: Sadhvi Pragya Bharti is a spiritual leader, humanitarian,
and national media panelist known for her advocacy of social and educational reforms
rooted in spirituality and justice.


The event underscored the importance of strategic economic partnerships as a tool for
peacebuilding, aligning with Queen Hereford’s global mission of self-determination and
economic sovereignty for Black and Indigenous communities worldwide.


As part of her continued advocacy, Queen Hereford urged global stakeholders to collaborate on
drafting a Global Peace Charter, organizing annual Global Peace Assemblies, and
implementing economic policies that uplift marginalized communities.


This event marks a significant milestone in international diplomacy, reinforcing the role of
economic and cultural cooperation in shaping a peaceful and prosperous future for all.


For media inquiries, interviews, or further information, please contact:
H.E. Roselyn Omaka
National Press Secretary, Nation of Cherut
Email: nps@nationofcherut.org
Phone: 281.301.5535


Bolanle Media covers a wide range of topics, including film, technology, and culture. Our team creates easy-to-understand articles and news pieces that keep readers informed about the latest trends and events. If you’re looking for press coverage or want to share your story with a wider audience, we’d love to hear from you! Contact us today to discuss how we can help bring your news to life

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