Presented at the ABA Environment, Energy, and Resources Law Summit, September 23-26, 2009, in Baltimore, Maryland. Pending climate change legislation—in particular the Waxman-Markey bill passed by the House and under consideration in the Senate—is set to dramatically change corporate climate strategy, transforming it from a voluntary practice to one that is mandated and regulated. In this white paper, ICF’s Craig Ebert and Molly Janis highlight the key challenges facing companies trying to thrive in a carbon-constrained world and map out strategic steps companies ought to be taking to prepare themselves for a carbon-constrained future.