Companies with significant greenhouse gas (GHG) emissions or energy-intensive operations face risks from new state, national and international regulations limiting carbon emissions and imposing a cost on carbon. While momentum for mandatory federal climate legislation is growing, California and 10 Northeastern states have already taken regulatory action to require emission reductions. Japan, China and other leading trading partners have instituted GHG emission reduction targets, fuel emission standards and renewable energy mandates. Meanwhile, all of Europe is reducing GHG emissions under a cap-and-trade carbon emissions trading program already valued at over 64 billion a year. All U.S. companies – including oil producers, banks and automakers – will be impacted by these fast-spreading regulations.