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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
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.
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.
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.
“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.
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.
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.
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.
“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
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…
Based on the election results, Donald Trump has indeed won the 2024 U.S. presidential election, defeating Vice President Kamala Harris. Here’s an analysis of the key statistics and implications:
Electoral College Victory
Donald Trump has secured the presidency by winning crucial battleground states and flipping some key states that were previously held by Democrats. The final Electoral College tally is still being determined, but Trump has surpassed the 270 electoral votes needed to win.
Battleground State Performance
Trump’s victory was largely secured by winning several critical swing states:
- Wisconsin: Trump’s win here was pivotal in securing his path to victory.
- Pennsylvania: This state flipped back to Republican control.
- Georgia: Another key state that Trump managed to win back.
- Michigan: Trump successfully flipped this traditionally Democratic stronghold.
Popular Vote and Voter Priorities
While the final popular vote tally is still being calculated, exit polls provide insight into voter priorities:
- Economy and democracy were top concerns for voters.
- Abortion and immigration also played significant roles in voter decision-making.
Congressional Control
The election results extend beyond the presidency:
- Republicans are set to take back the Senate majority, securing at least 51 seats.
- Control of the House of Representatives remains undetermined.
Media Implications
The outcome of this election could be seen as a challenge to mainstream media narratives for several reasons:
- Polling Discrepancies: Many pre-election polls suggested a tight race or even a slight Harris advantage in key states. Trump’s victory, particularly in battleground states, may indicate that polls underestimated his support.
- Narrative Shifts: Throughout the campaign, much of the mainstream media focused on Trump’s legal challenges and controversies. His victory suggests that these issues may not have resonated with voters as much as economic and policy concerns.
- Voter Priorities: The emphasis on issues like the economy and immigration in voter decision-making may indicate a disconnect between media focus and voter concerns.
- Electoral Predictions: Many mainstream outlets were cautious about predicting a Trump victory, even as results began to favor him. This hesitancy could be seen as a reflection of broader media skepticism about Trump’s chances.
- Underestimation of Trump’s Base: The results suggest that Trump’s core support remained strong and potentially grew, despite negative coverage in much of the mainstream media.
It’s important to note that while the election outcome may challenge some media narratives, it doesn’t necessarily invalidate all mainstream reporting. The complex factors influencing voter behavior and the challenges of accurate political forecasting remain subjects of ongoing analysis and debate.
As the dust settles on this historic election, both the media and political analysts will likely engage in extensive reflection on the factors that led to Trump’s victory and the implications for future political coverage and analysis.
Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!
In the glitzy world of cinema, film festivals are more than just red carpets and champagne flutes. They’re the secret sauce in the recipe for discovering the next Spielberg, Scorsese, or Zhao. Let’s roll out the metaphorical red carpet and dive into the data-driven wonderland of how these cinematic soirées turn unknown filmmakers into tomorrow’s Hollywood hotshots:
1. The Exposure Express: Where Hidden Gems Sparkle
Film festivals are like show-and-tell on steroids for filmmakers. A whopping 71% of emerging directors cite festival screenings as crucial for gaining industry exposure. It’s where hidden gems get their chance to sparkle brighter than a vampire in sunlight.
- On average, each major festival screens 200+ films, giving newbies a fighting chance against established names.
- 1 in 5 films find distribution deals at festivals, turning indie dreams into mainstream realities.
- 85% of filmmakers report increased social media following post-festival, because nothing says “I’ve made it” like a surge in Instagram followers.
2. Networking Nirvana: Six Degrees of Separation? More Like Two!
These festivals are Hollywood’s version of speed dating, but instead of swiping right, you’re handing out business cards faster than a Vegas dealer. With an average of 2,500 industry professionals attending major festivals, it’s a schmooze-or-lose situation.
- 63% of filmmakers report making career-changing connections at festivals.
- The average attendee exchanges contact info with 15 new people per day. That’s more numbers than you got in high school!
- 40% of collaborative projects are born from festival meet-cutes. Who knew discussing obscure German expressionist films could lead to your next big break?
3. Feedback Frenzy: Where Egos are Bruised and Brilliance is Born
Q&A sessions are like a filmmaker’s baptism by fire. 82% of festival-goers attend these sessions, offering instant, unfiltered reactions that can make or break a filmmaker’s spirit (and possibly their next project).
- Filmmakers receive an average of 50 audience questions per screening. That’s 50 chances to either sound brilliant or wish for a trap door.
- 75% of directors make changes to their films based on festival feedback. It’s like a real-time focus group, but with more film jargon and fewer free snacks.
- The most common audience question? “What was your budget?” followed closely by “What did that ending mean?” Some things never change.
4. Award-Winning Boost: From Unknown to ‘Next Big Thing’
Getting your film into a prestigious festival is like winning the lottery, but instead of cash, you get instant street cred. Films with festival laurels are 35% more likely to secure distribution. Suddenly, you’re not just some kid with a camera; you’re an “award-winning filmmaker” faster than you can say “And the winner is…”
- The average major festival hands out 20+ awards. That’s a lot of opportunities to practice your surprised face.
- 60% of films winning top prizes at major festivals go on to wider theatrical release. Oscar, here we come!
- Festival award winners see an average 150% increase in industry meeting requests. Suddenly, everyone wants to do lunch.
5. Diversity’s Got Talent: A Global Stage for Unheard Voices
Festivals are championing voices from all corners, proving that great stories can come from anywhere, not just Hollywood backlots. In 2023, 45% of films at major festivals were from underrepresented groups.
- Festivals introduced audiences to films from 100+ countries last year. It’s like a cinematic United Nations, but with better catering.
- 30% of festival programmers actively seek out films from first-time directors. Fresh blood keeps the movie monster alive!
- Diversity initiatives have led to a 25% increase in submissions from underrepresented filmmakers over the past five years. The cinematic melting pot is bubbling over with flavor.
6. Film School 2.0: Learning Without the Loans
Forget stuffy classrooms. 78% of emerging filmmakers attend festival workshops, turning these events into film school on steroids. It’s where budding Tarantinos learn the tricks of the trade without the student debt.
- The average festival offers 30+ educational events. That’s more learning than most of us did in college, and with better networking opportunities.
- 90% of attendees report learning at least one new industry trend or technique. Who knew vertical video would become a thing?
- Workshops cover everything from “Guerrilla Filmmaking 101” to “How to Make Your Indie Film Look Like It Cost Millions (When It Cost Pennies).”
7. The Festival Effect: Where Careers Are Born
Film festivals aren’t just events; they’re career incubators. They’re where dreams are hatched, stars are born, and where you might just witness the birth of the next big thing in cinema.
- 1 in 3 breakout indie hits originated from festival circuits in the last decade. That’s a better success rate than most dating apps!
- Filmmakers who’ve been to festivals are 40% more likely to secure funding for their next project. Apparently, rubbing elbows with the elite is good for the wallet.
- 25% of major studio executives report scouting new talent primarily at film festivals. It’s like “America’s Got Talent,” but for movie nerds.
Conclusion: The Reel Deal
In the end, film festivals are more than just a place to watch movies and spot celebrities trying to blend in with oversized sunglasses. They’re the beating heart of the film industry, pumping fresh talent and ideas into the cinematic bloodstream.
So, the next time you’re at a film festival, remember: that person sitting next to you furiously taking notes might just be the next big name in Hollywood. And if they ask you what you thought of their film, be kind – your words might just shape the future of cinema. Or at least shape their next therapy session.
Grab your popcorn, silence your phones, and get ready for the show. In the world of film festivals, every screening is a potential discovery, every conversation a possible collaboration, and every award a career launcher. It’s where the magic of movies meets the hustle of Hollywood, and the result is pure cinematic alchemy.
Producing engaging YouTube videos doesn’t have to break the bank. With the right strategies and tools, you can create high-quality content that resonates with your audience without overspending.
Define Clear Objectives
Before you start filming, establish your goals. Are you aiming to increase brand awareness, drive traffic to your website, or boost video views? Your objectives will guide your content strategy and help you measure success.
Create Compelling Content
Invest time in developing high-quality video concepts. According to Analytics Partners, video content has twice the lasting impact of non-video content. Focus on creating content that resonates with your audience and aligns with your brand messaging.
Leverage Smartphone Technology
Modern smartphones offer excellent video quality. For example, the iPhone 12 Pro can shoot 4K video at 60 fps, rivaling many dedicated cameras. Pair your smartphone with a basic tripod and external microphone for professional-looking results.
Optimize Lighting
Good lighting is crucial for video quality. Natural light is free and effective. Position yourself near a window or invest in affordable lighting options like ring lights, which typically cost between $20-$100.
Post-Production and Optimization
Use Free Editing Software
Take advantage of free or low-cost editing tools. DaVinci Resolve, for instance, offers professional-grade editing capabilities at no cost for its basic version.
Optimize for SEO
YouTube’s algorithm considers factors like view count, engagement, watch time, and relevance when recommending videos[2]. Use keywords in your titles, descriptions, and tags to improve discoverability. For example, including relevant keywords in your title can increase views by up to 20%.
Engagement Strategies
Prioritize Community Engagement
Respond to comments and interact with your audience. YouTube puts recent comments front-and-center in your analytics dashboard, encouraging timely responses. This engagement can lead to higher watch times and subscriber growth.
Experiment with YouTube Shorts
YouTube Shorts are amassing tens of billions of views daily. Creating Shorts content can increase your channel’s visibility and engagement without requiring significant production resources.
Budget-Friendly Marketing Tactics
Leverage Remarketing
Implement remarketing campaigns to re-engage viewers who have already interacted with your content. This targeted approach can be more cost-effective than broad audience targeting.
A/B Testing
Experiment with different video formats, thumbnails, and titles. YouTube’s own data shows that 90% of top-performing videos have custom thumbnails. A/B testing can help you identify what resonates best with your audience without additional production costs.
Real-Life Example
Consider the case of Peter McKinnon, a photographer and filmmaker who started his YouTube channel in 2010. Using primarily his smartphone and basic editing software, he grew his channel to over 5 million subscribers. His success came from consistently delivering valuable content, engaging with his audience, and gradually improving his production quality as his channel grew.
By implementing these strategies, you can create engaging YouTube content that resonates with your audience without overspending. Remember, the key is to focus on delivering value and consistently improving based on audience feedback and performance metrics.
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