Boards Can Continue to Lead the Way on Climate Governance

Harvard Business Review (Aug 18, 2025) by Harvard Business School professors Lynn S. Paine and Suraj Srinivasan documents the U.S. political and investor backlash against corporate climate efforts: nearly 320 anti-ESG bills introduced across state legislatures since 2021, Florida and Texas curbing ESG use in public investments, the SEC effectively repealing its climate-disclosure rules, and California's climate-disclosure rules mired in litigation. They argue boards must still integrate climate into core business decisions, ensure transparency, and steward long-term value. For SEA mid-market boards exporting to EU or US, the backlash does not eliminate the disclosure burden — it just complicates it.