Why Companies Are Doing More and Saying Less in 2025 - Dale Hardcastle and Henning Huenteler

In this episode of This Week in Carbon, hosts Edward Smith and Rene Velasquez are joined by Dale Hardcastle (Partner, Bain & Company – Singapore, Energy Transition & Asia) and Henning Huenteler (Partner, Bain & Company – Amsterdam, Sustainability & Carbon Markets), two of the sharpest minds tracking corporate climate action and carbon markets globally. Coming off a chaotic 2025, Dale and Henning pull no punches on what actually changed this year—and what it means as we head into 2026.We discuss:• 2025 in review: from ESG backlash and Larry Fink’s silence to the biggest Climate Week ever and a surprisingly pragmatic COP30• Bain’s AI-powered analysis of 35,000+ CEO statements: sustainability mentions are down, but business-value framing has doubled since 2018• The global marginal abatement cost curve: ~25% of emissions already profitable to cut today, another ~33% get there by 2035• Policy whiplash: US 180° pivot, EU walking back overreach, Asia’s quiet but relentless march on energy security and green growth• AI’s terrifying power hunger: data centres potentially adding 800+ Mt CO₂e/year by 2035 and why efficiency gains aren’t even close to keeping up• Carbon removal reality check: 60 Mt of committed corporate demand by 2030 vs. only ~20 Mt credible durable supply without urgent off-take signals• The hyperscaler bottleneck: why Microsoft, Google, Stripe & co. can’t scale CDR alone—and what it really takes to unlock the next wave of buyers and capital• Asia’s emerging carbon-market leadership: Singapore’s hub ambitions, Indonesia reopening its market, Vietnam unlocking direct PPAs• 2030s outlook: the countdown to 2030 targets is now real for CEOs, the slow-but-steady maturation of carbon markets, and why both guests remain genuinely optimistic