Certified B Corp

PFAS: Regulation, Risk and Remediation

by | Apr 7, 2025 | Research

PFAS - Regulation, Risk and Remediation
DOWNLOAD HERE

Executive Summary

Per- and polyfluoroalkyl substances (PFAS), also known as “forever chemicals,” have become the center of a global environmental and public health crisis. These synthetic compounds—numbering over 10,000—are used across industries due to their water, heat, and stain resistance. However, PFAS persist in the environment and accumulate in human bodies over time, and exposure to them has been definitively linked to serious health outcomes including various cancers, immune system suppression, liver damage, and reproductive harm (Totaro, 2024).


PFAS reach the natural environment and human bodies through a variety of pathways, including consumer goods and industrial processes. Of particular concern is transfer from biosolids, or sewage sludge, applied as fertilizer. This practice is authorized on nearly 70 million acres of US farmland (Environmental Working Group, 2025) and threatens farmers, those living near treated farmland, and those who consume crops and other products associated with treated farmland. Legislation has been introduced across fourteen US states to address concern over biosolid application and its threat to human health (Safer States, 2025).

As awareness grows, broader regulatory momentum is accelerating. The European Union is pursuing a near-total ban on PFAS in all consumer products by 2030. France has implemented a groundbreaking PFAS emissions tax tied to facility-level disclosures (EHS Law Insights, 2025), while Canada has formally classified PFAS as toxic substances and is preparing nationwide bans (Osler, 2024). In contrast, federal efforts in the U.S remain highly uncertain, with previous progress being rolled back or reevaluated by the current administration. Still, 30 states have adopted their own PFAS regulation, and 10 others have proposed initial legislation, creating a fragmented and complex compliance landscape (Safer States, 2025).

Legal and financial risks are rising. Major manufacturers like 3M and DuPont have already agreed to multibillion-dollar settlements over PFAS, and hundreds of lawsuits are pending across the U.S (Kepler Cheuvreux, 2023). PFAS lawsuits frequently involve:

  • Drinking water contaminated by industry.

  • Firefighting foam used at airports, by the military, and firefighting professionals.

  • Food packaging including anti-grease coatings.

  • Household products including non-stick cookware, waterproof clothing, and types of carpeting.

Legal theories in PFAS lawsuits include:

  • Product liability.

  • Environmental contamination.

  • Medical monitoring claims.

  • Public nuisance.

Investors are increasingly considering PFAS exposure as a material ESG risk, placing companies under mounting pressure to disclose, substitute, and remediate.

This paper examines the regulatory trends, industry vulnerabilities, and corporate strategies shaping the global response to PFAS—and offers a framework for navigating the path forward.

​

Introduction: The PFAS Dilemma

Per- and polyfluoroalkyl substances (PFAS) are a large class of synthetic chemicals characterized by strong carbon-fluorine bonds. Given their unique ability to resist water, oil, heat, and stains, they have been used for over 70 years in a wide range of consumer and industrial products. PFAS have become indispensable to industries such as aerospace, textiles, packaging, and electronics. Yet the same characteristics supporting widespread use also make it nearly impossible to break down in nature. As a result, PFAS accumulate in soil, water, animals, and human bodies, where they can remain for decades (J.P. Morgan, 2025).

This durability has earned PFAS the nickname “forever chemicals.” Exposure is now widespread and

nearly unavoidable. Studies have shown that 99% of Americans have PFAS in their bloodstreams (Calafat et al., 2019), and contamination has been found in breast milk, food products, and rainwater. Once absorbed, they build up over time, posing long-term health risks.

The scientific community is beginning to reach consensus on the dangers of PFAS exposure. PFOA and PFOS, two of the most well-studied compounds, have been linked to the development of multiple cancers, while broadly PFAS have been associated with immune system suppression, organ damage, metabolic disorders, and reproductive issues (Totaro, 2024). The scale of contamination and the depth of health impacts have drawn comparisons to historical environmental crises involving asbestos and tobacco.

As a regulatory patchwork evolves, companies across sectors face escalating risks—legal, financial, reputational, and operational. With lawsuits mounting, investor scrutiny intensifying, and consumers growing increasingly aware, PFAS has transitioned from a niche regulatory issue into a central ESG and financial materiality concern. The following sections explore the full scope of the PFAS crisis, assess its implications for businesses, and outline strategies for reducing exposure and mitigating risk.

The Health and Environmental Impact of PFAS

Health authorities and scientific bodies now agree that long-term PFAS exposure poses significant health risks. Given the vast family of over 10,000 compounds encompassed by PFAS, health impacts are varied. They often depend on the degree of exposure, which ranges from acute in those living near industrial facilities to mild though contact with household items. In adults, chronic exposure has been linked to infertility, reproductive complications including low birth weight, and increased odds of gestational hypertension (Darrow et al, 2013). Exposure in children can also lead to the development of attention deficit hyperactivity disorder (ADHD), asthma, dyslipidemia (imbalance of lipids with harmful cardiovascular implications), impaired immune responses, and early onset of first menstruation (Rappazzo et al., 2017). Finally, high levels of PFAS exposure is associated with the various cancers, including liver, thyroid, bladder, kidney, and testicular cancer, and with chronic conditions including high cholesterol, impaired glucose metabolism, and ulcerative colitis (Totaro, 2024). PFOA and PFOS have both been designated potential carcinogens by NHI working groups (NHI, 2025).

The negative impacts of PFAS also extend to ecosystems. PFAS have become ubiquitous in the environment, with significant amounts detected in samples of surface water, rainwater, wastewater, biota, particulate matter, groundwater, and soil (Dimitrakopoulou et al., 2024). 120 unique PFAS compounds have also been documented in 625 animal species (Andrews et al., 2023). Often mirroring health effects in humans, contamination in various species has been shown to disrupt reproduction and hormone regulation. Marine ecosystems are at particular risk, as bioaccumulation appears most prevalent in fish and other aquatic species, though ecological consequences are not yet conclusive. Terrestrially, PFAS is absorbed by crops and wild plants growing in contaminated soil or irrigated with polluted water, introducing yet another pathway for exposure and contributing to accumulation in humans and wildlife alike (Dimitrakopoulou et al., 2024).

The scale of exposure in both humans and ecosystems is staggering. According to the U.S. Centers for Disease Control and Prevention (CDC), 99% of Americans tested have detectable levels of PFAS in their blood ((Calafat et al., 2019). In Europe, a 2021 study revealed that 14.3% of teenagers had PFAS blood levels exceeding health-based safety thresholds (Kepler Cheuvreux, 2024). PFAS have also been detected in breast milk, underscoring their capacity for intergenerational transmission.

Despite growing awareness, only a fraction of PFAS compounds have been comprehensively studied, and long-term studies proving correlation between PFAS and negative health effects are difficult to conduct given confounding variables. This knowledge gap creates regulatory and legal uncertainty, complicating efforts to mitigate health and environmental consequences. Still, the evidence to date is sufficient that public agencies and investors are increasingly treating PFAS as a serious environmental and financial liability.

​

Where PFAS Are Found and Why It Matters

PFAS have become omnipresent in the environment in part due to their near universal application in modern industrial and consumer applications. Their unique chemical properties, particularly their resistance to heat, water, and oil, have made them popular across multiple sectors. PFAS can be found in food packaging, waterproof clothing, carpets, upholstery, nonstick cookware, stain-resistant furniture, firefighting foams, cosmetics, semiconductors, aviation equipment, and medical devices (J.P. Morgan, 2025). The frequently overlooked presence of PFAS has also made them a silent risk multiplier across global supply chains.

The industries most heavily exposed to PFAS regulation include:

  • Textiles and apparel: Used in stain- and water-resistant treatments.

  • Food packaging: Coatings on fast-food wrappers, microwave popcorn bags, and grease-resistant containers.

  • Cosmetics and personal care: Added for smooth textures and long wear.

  • Aerospace and automotive: PFAS appear in wire coatings, hydraulic fluids, and fuel system components.

  • Water utilities: Affected due to PFAS infiltration into public drinking water systems

  • Chemical manufacturers: Especially those producing or processing PFAS-based materials.

These industries now face heightened scrutiny. France, for example, has published detailed emissions disclosures showing that just 5.4% of facilities account for 99% of the country’s PFAS emissions which generated immense pressure from stakeholders to remediate this imbalance (EHS Law Insights, 2025). In the U.S., dozens of companies have already been named in lawsuits, including packaging firms, chemical giants, and water system operators (Kepler Cheuvreux, 2023). Brands that rely on PFAS-containing materials, whether directly or indirectly—face legal, reputational, and financial consequences.

Importantly, regulation varies by geography, making compliance difficult to standardize. In the US, state legislation requires a broad spectrum of enforcement action, from limited disclosures to large scale bans. Canada’s new classification of PFAS as “toxic substances” is expected to phase out their use in firefighting foams, cosmetics, and packaging (Osler, 2024). And in Europe, companies face looming sector-wide bans by 2030 (J.P. Morgan, 2025).

For businesses, the risk is not just about product liability, it’s also about access to capital, insurance, and consumer trust. Investors are increasingly flagging PFAS exposure in ESG assessments. At the same time, regulatory bodies are beginning to require disclosures of PFAS use under chemical safety laws and environmental regulations. In this context, identifying where PFAS appear across operations, products, and supply chains is not just prudent—it’s urgent.

PFAS in Sewage Sludge

PFAS also persists in sewage sludge through secondary contamination of wastewater. These ubiquitous compounds transfer into wastewater treatment plants in a variety of ways, including industrial releases, commercial releases, and down-the-drain consumer releases (U.S. EPA, n.d.). As wastewater moves through treatment plants, larger PFAS compounds are separated from liquids with solid waste. The PFAS compounds then remain in sewage sludge when disposed of or sold for commercial use. A 2023 metanalysis demonstrated that a wide range of PFAS compounds exist in sewage sludge at varied concentrations (Hagemann & Harclerode, 2024).

Research demonstrates clear PFAS contamination in the soil, air, and crops as a result of biosolid application (Wang & Cousins, 2023). Significant threat to people living near the application sites of sewage sludge, including farm families and those who share water sources with farms, and those involved in the direct consumption of crops produced in areas where sludge has been applied, has been modeled by the EPA. In their January 2025 draft assessment, EPA concluded there “may be human health risks exceeding the EPA’s acceptable thresholds for some modeled scenarios when land-applying sewage sludge that contains 1 part per billion (ppb) of PFOA or PFOS,” noting that such estimates were not conservative, as in fact most applications far exceed 1 part per billion and persons are often subject to more than one source of contamination (EPA, 2025). EPA has declined to rule on effect to the health of the general public.

Currently there is no federal regulation in the U.S. or Europe which regulates PFAS concentration in sewage sludge. Moreover, biosolids may be applied to pastures, feed crops, and crops for direct human consumption; forests, tree farms, golf courses, turf farms, and other types of land; and bagged and sold at stores to the public for use on lawns or in home gardens (EPA, n.d.). This vast array of application settings coupled with a lack of comprehensive federal regulation on PFAS in biosolids demands urgent action from state governments to protect the public from severe health risks.

Fourteen states have introduced legislation to address PFAS contamination in biosolids (Safer States, 2025). Most recently, the New York State Senate introduced a bill which would impose a moratorium on all biosolid applications in the state and require testing of soil and groundwater for contamination. The proposal also forms state task forces to support mitigation efforts on farms with PFAS contamination surpassing regulatory limits, organize financial support, and evaluate potential strategies for removal (NYS Senate, 2025).

While most legislation imposes either moratoriums or strict limitations which effectively prohibit the land application of biosolids, governments and private companies are seeking methods to effectively reduce PFAS contamination in sewage sludge to a safe and usable level for land application. In the vein of biological treatment, success in anaerobic digestion has been limited. Laboratory studies have demonstrated unclear results and will require additional process modification before becoming scalable (Hagemann & Harclerode, 2024).

Thermal treatment methods, which primarily include incineration, pyrolysis, and hydrothermal carbonization, have demonstrated more promising results, with laboratory experiments demonstrating degradation of up to 96% of PFAS contamination present in samples (Hagemann & Harclerode, 2024). However, these strategies remain limited by potentially harmful byproducts of treatment and a lack of data from full-scale operations. Continued action and funding from states legislatures will provide momentum essential for developing such experimentation into large scale, reliable solutions for PFAS remediation in sewage sludge.

Evolving Policy Landscapes: United States, France, and Canada

As scientific consensus around the health risks of per- and polyfluoroalkyl substances (PFAS) strengthens, governments across the globe are adopting increasingly aggressive regulatory strategies. Yet the pace, scope, and enforcement mechanisms of these efforts remain highly variable. In the United States, the Environmental Protection Agency (EPA) has taken historic steps through its PFAS Strategic Roadmap (2021–2024) to regulate PFAS in drinking water, industrial discharges, and consumer products (U.S. EPA, 2024). Still, federal progress remains vulnerable to political shifts, prompting states to enact their own regulations.

Meanwhile, countries like France and Canada are pursuing nationally coordinated efforts, each reflecting different regulatory philosophies—from France’s precautionary bans on consumer uses to Canada’s emphasis on industrial monitoring and pollution prevention. For multinational companies, this patchwork of national and subnational regulations creates both compliance risks and opportunities for environmental leadership.

This section compares the U.S. federal-state dynamics, New York’s proactive model, and emerging policies in France and Canada, highlighting the diverse regulatory landscapes shaping the global PFAS response.


U.S.EPA and States

The U.S. Environmental Protection Agency (EPA) has undertaken its most aggressive and multifaceted campaign yet to combat PFAS through the PFAS Strategic Roadmap, first released in 2021 and updated in 2024 (U.S. EPA, 2024). The Roadmap is built around three pillars: Restrict, Remediate, and Research, which together guide the EPA’s strategy to prevent PFAS releases, clean up contamination, and expand scientific understanding of these chemicals.

Notably, in April 2024 EPA announced its first-ever enforceable national drinking water standards for PFAS, which placed enforceable limits on six PFAS and is projected to reduce exposure for approximately 100 million Americans (U.S. EPA, 2024). The EPA has also finalized rules designating PFOA and PFOS as hazardous substances under CERCLA (Superfund law)—giving the agency power to force polluters to pay for PFAS cleanup rather than relying on taxpayers (U.S. EPA, 2024). Finally, through the Bipartisan Infrastructure Law (BIL), over $10 billion has been allocated for water infrastructure improvements, with billions specifically set aside to combat PFAS in vulnerable communities (U.S. EPA, 2024).

The EPA’s Roadmap underscores a systems-level understanding of PFAS. It recognizes not only health and environmental risk but also economic burdens on farmers, municipal waste systems, and low-income communities.

Yet these federal advances remain politically vulnerable. The 2025 shift in presidential administration has introduced executive uncertainty, with proposed freezes and rollbacks on certain enforcement actions. Without bipartisan support codifying PFAS regulation, many of the EPA’s rules—particularly under the Clean Water Act and CERCLA—may be delayed or reversed. This fragile political environment has contributed to an uneven regulatory landscape, where states are advancing more comprehensive safeguards than the federal government. Specifically, 30 states have introduced or enacted their own PFAS-related laws—targeting PFAS in consumer products, firefighting foam, water systems, and industrial emissions (Safer States, 2025).

For example:

  • Maine mandates the disclosure of PFAS in all products by 2025 and plans a full ban by 2030.

  • California prohibits the sale of PFAS-containing food packaging and cosmetics.

  • New York has banned PFAS in apparel and firefighting gear and introduced legislation regulating application of biosolids.

This decentralized regulatory landscape poses major challenges for businesses operating nationwide. Companies must now navigate inconsistent state requirements, track evolving legislation, and prepare for future federal shifts should a new administration revisit the EPA’s role. Meanwhile, lawsuits are proliferating. Thousands of legal claims have been filed against chemical manufacturers, water utilities, and consumer goods companies—resulting in over $13 billion in settlements to date (Kepler Cheuvreux, 2023).

In the near term, emphasis on data transparency, hazard designation, and community-driven remediation funding offers a meaningful—if incomplete—path forward for national PFAS response. However, long-term success will depend on consistent legislative follow-through and thoughtful action from the private sector.

France: Polluter Pays and Transparent Emissions Tracking

France has adopted one of the most aggressive and transparent PFAS regulatory frameworks in the world. Under its 2025 PFAS emissions law, the country introduced:

  • A PFAS emissions tax of €100 per 100 grams discharged into the environment or wastewater systems.

  • A mandatory emissions disclosure system that publicly reports facility-level PFAS data.

  • A national goal to eliminate industrial PFAS emissions entirely by 2030 (EHS Law Insights, 2025).

France’s emissions disclosures revealed that 5.4% of facilities accounted for 99% of PFAS pollution, with major contributors including Solvay, Arkema, BASF, and TotalEnergies (EHS Law Insights, 2025). By focusing on transparency and direct economic penalties, France has built a regulatory model that encourages rapid corporate behavioral change. The tax has prompted several companies to invest in PFAS treatment systems or reevaluate material sourcing, especially in sectors like chemicals, manufacturing, and consumer goods (EHS Law Insights, 2025).

Canada: A National Strategy Based on Toxic Substance Designation

Canada has taken a unified federal approach by formally designating PFAS as toxic substances under the Canadian Environmental Protection Act in 2025 (Osler, 2024). This decision triggers a phased regulatory process that will begin with:

  • A ban on PFAS in firefighting foams by 2027.

  • Proposed restrictions on PFAS in cosmetics, food packaging, paints, and textiles.

Canada’s centralized regulatory model allows for more consistent enforcement compared to the U.S. patchwork approach. While industry consultation is ongoing, companies with operations or exports to Canada must prepare for enhanced disclosure requirements and eventual PFAS substitution mandates.

Implications for Industry

These contrasting policy landscapes are reshaping how businesses manage PFAS risks. In decentralized systems like the U.S., companies face higher compliance costs and legal exposure. In centrally regulated markets like France and Canada, enforcement is more predictable but often more aggressive. For global firms, the key challenge is building adaptable supply chains and compliance systems that can respond to regulatory divergence without sacrificing ESG credibility or investor confidence.

Industry Response and Mitigation Strategies

As PFAS regulation intensifies across the globe, companies are under increasing pressure to respond—not just to avoid legal liability, but to preserve brand value, investor trust, and operational continuity. Industry responses can generally be grouped into three main categories: remediation and cleanup, product substitution, and ESG disclosure and governance.

Remediation and Cleanup Technologies

Many firms in high-exposure industries are investing in PFAS decontamination technologies. These efforts are especially prominent among utilities and chemical companies, where regulatory mandates have already taken effect.

Daikin, a PFAS producer and user, has implemented on-site filtration and emission control technologies to reduce environmental discharge. SciDev, a U.S.-based water treatment company, has secured contracts to remediate PFAS in municipal systems and is expanding its chemical treatment capabilities for industrial sites. Clean Harbors and other environmental service firms are scaling up mobile and permanent PFAS treatment infrastructure in response to growing municipal demand (Kepler Cheuvreux, 2023).

Technologies used include granular activated carbon (GAC), ion exchange resins, and reverse osmosis—all of which offer tradeoffs in cost, efficiency, and effectiveness relative to PFAS type and contamination levels (J.P. Morgan, 2025).

Product Substitution and Material Innovation

Another key industry strategy involves transitioning away from PFAS-based materials—a particularly urgent issue in textiles, consumer goods, and packaging.

Brands like Tefal have begun developing PFAS-free cookware lines, while apparel companies such as VFC (The North Face) and H&M are adopting fluorine-free coatings in outerwear (Kepler Cheuvreux, 2023). In the personal care sector, several multinational cosmetics brands have pledged to eliminate PFAS ingredients in makeup and skincare formulations, replacing them with biodegradable alternatives (J.P. Morgan, 2025).

However, the shift away from PFAS is not always simple. In sectors like aerospace and electronics, suitable alternatives may not yet exist on a scale. Companies in these industries are seeking regulatory exemptions or investing in R&D partnerships to accelerate material innovation, representing an enormous opportunity for substitute developers (Kepler Cheuvreux, 2024).

ESG Disclosure and Governance Reform

Investors are increasingly incorporating PFAS into their ESG frameworks. Companies are now expected to disclose PFAS usage across products and supply chains, engage proactively with regulators and stakeholders, and implement governance mechanisms to track and reduce PFAS-related risks (J.P. Morgan, 2025).

For example, SGS has quadrupled its PFAS testing capacity and now offers PFAS-specific ESG advisory services, responding to growing corporate demand (J.P. Morgan, 2025). Likewise, Veolia has outlined PFAS remediation as a core component of its growth strategy, projecting over €1 billion in related revenue by 2030 (J.P. Morgan, 2025).

Firms that fail to address PFAS-related ESG risks may find themselves excluded from investment portfolios, downgraded in ESG rankings, or targeted by activist shareholders. Transparent and forward-looking governance is increasingly a differentiator in both public and private markets.

Financial, Legal, and ESG Risk Implications

The financial consequences of PFAS exposure are no longer theoretical. In recent years, companies have faced mounting litigation costs, regulatory fines, cleanup expenses, and reputational damage, all of which have begun to materially impact balance sheets and valuations.

In the United States, legal action has accelerated sharply. Chemical manufacturers such as 3M and DuPont have agreed to more than $13 billion in PFAS-related settlements, primarily tied to water contamination claims brought by municipalities and utilities (Kepler Cheuvreux, 2023). These cases often end in settlement because the burden of proving long-term health effects remains scientifically and legally complex. However, the scale of payouts underscores the materiality of PFAS liabilities. Thousands of additional lawsuits are still pending, and a growing number are now targeting downstream users, not just producers (Kepler Cheuvreux, 2023).

Related cases in Europe are also expanding. While litigation based on health claims remains rare in the EU, there is increasing momentum behind suits centered around economic loss. Food producers, for example, may sue over PFAS-contaminated land that renders crops unsellable or requires costly remediation. Insurance company Praedicat has ranked PFAS as the top emerging litigation risk globally, particularly for firms operating in North America and Europe (J.P. Morgan, 2025).

Beyond direct legal costs, PFAS also pose a broader financial risk through their effect on ESG ratings, investor perception, and regulatory compliance costs. According to a European Commission estimate, the total annual cost of PFAS-related health and environmental damage could exceed €84 billion across the EU if left unaddressed (J.P. Morgan, 2025). This figure reflects not only cleanup and treatment but also healthcare, productivity loss, and biodiversity damage.

From an investment perspective, PFAS exposure is increasingly flagged as a negative ESG indicator. Asset managers are beginning to screen portfolios for PFAS-related liabilities, especially among chemical, utility, and consumer goods holdings. Companies that lack transparency on their PFAS footprint may be excluded from ESG funds or face shareholder pressure to disclose more information. In some cases, investors have initiated resolutions demanding clearer reporting on PFAS risk, product exposure, and mitigation plans (J.P. Morgan, 2025).

Insurers are also taking note, raising premiums for industries with high PFAS exposure or refusing coverage altogether for contamination-related events. These changes not only increase operating costs but also limit a company’s ability to manage risk through traditional means.

It is evident the financial implications of PFAS extend far beyond cleanup costs. Litigation, regulation, investor scrutiny, and insurance dynamics are converging to make PFAS a defining liability issue for the next decade. For companies unprepared to confront this challenge, the cost of inaction will likely be measured in both dollars and long-term reputational harm.

Conclusion and Recommendations

The global response to PFAS is entering a new phase—one defined not by uncertainty, but by accountability. What was once viewed as a technical chemical issue has evolved into a full-scale environmental, financial, and regulatory crisis. Governments are moving from passive monitoring to active enforcement. Investors are embedding PFAS exposure into ESG risk models, courts are awarding billions in damages, and consumers are increasingly aware of the health and environmental risks.

The industries most affected—from textiles and cosmetics to chemicals, packaging, and utilities—are now at a crossroads. For some, the costs of inaction are already being felt through legal settlements, regulatory penalties, and declining investor trust. For all, there is still time to act.

To transition to and thrive in a post-PFAS economy, companies must take the following steps:

  1. Audit exposure across products and supply chains: Identify where PFAS are used in materials, manufacturing, or packaging. Many firms are still unaware of how deeply PFAS are embedded in their operations.

  2. Engage with regulators proactively: Rather than waiting for enforcement, companies should participate in consultations, anticipate upcoming regulations, and prepare for evolving compliance standards across jurisdictions.

  3. Invest in substitution and R&D: Transitioning away from PFAS requires time and innovation. Companies should prioritize scalable alternatives where available and begin investing in R&D for long-term replacements in hard-to-substitute applications.

  4. Enhance ESG transparency: Disclose PFAS-related risks and mitigation plans in annual reports, sustainability disclosures, and investor communications. Transparency is increasingly seen as a sign of responsibility, not vulnerability.

  5. Strengthen governance and accountability: Assign cross-functional teams or executives to oversee PFAS compliance and transition strategy. This issue is no longer just a compliance matter—it is a business continuity and risk management challenge.

As PFAS regulation continues to accelerate globally, companies that move swiftly and strategically will gain a competitive advantage. Those that delay face increasing legal liability, reputational damage, and operational disruption. The era of voluntary action is over. PFAS accountability is no longer optional, it is inevitable.

Appendix

Common PFAS Compounds and Their Primary Uses

  • PFOA: Nonstick cookware, textiles, carpet, firefighting foam

  • PFOS: Firefighting foam, stain repellents, hydraulic fluids

  • GenX: Replacement for PFOA in fluoropolymer production

  • PFNA: Chemical manufacturing, surfactants, food packaging

  • PFHxS: Firefighting foams, textiles, metal plating

  • PFBS: Replacement for PFOS in cleaners and coatings

Note: These substances are among the most studied, but over 10,000 PFAS compounds exist.

Overview of PFAS Alternatives

The transition away from PFAS is advancing across industries, but the availability and effectiveness of substitutes vary.

  • Textiles and apparel: Silicone-based coatings, wax emulsions. Slightly reduced performance but consumer-accepted.

  • Cookware: Ceramic, enamel, stainless steel. Growing adoption by leading brands.

  • Food packaging: Clay-based coatings, cellulose films. Effective under most conditions, increasing adoption.

  • Firefighting foam: Fluorine-free foams (FFF). Effective for standard fires, not yet for jet fuel.

  • Cosmetics: Mica, silica, plant-based emollients. Still developing; may alter product texture or wear.

  • Industrial applications: Teflon-free lubricants, plasma coatings. Often industry-specific and under development.​

Sources

Andrews, D. Q., Stoiber, T., Temkin, A. M., & Naidenko, O. V. (2023). Discussion. has the human population become a Sentinel for the adverse effects of pfas contamination on wildlife health and Endangered Species? Science of The Total Environment, 901, 165939. https://doi.org/10.1016/j.scitotenv.2023.165939

Calafat, A. M., Kato, K., Hubbard, K., Jia, T., Botelho, J. C., & Wong, L.-Y. (2019). Legacy and alternative per- and polyfluoroalkyl substances in the U.S. general population: Paired serum-urine data from the 2013–2014 National Health and Nutrition Examination Survey. Environment International, 131, 105048. https://doi.org/10.1016/j.envint.2019.105048

Darrow, L.A.; Stein, C.R.; Steenland, K. (2013). Serum perfluorooctanoic acid and perfluorooctane sulfonate concentrations in relation to birth outcomes in the Mid-Ohio Valley, 2005–2010. Environ. Health Perspect. 121, 1207–1213.

Dimitrakopoulou, ME., Karvounis, M., Marinos, G. et al. Comprehensive analysis of PFAS presence from environment to plate. npj Sci Food 8, 80 (2024). https://doi.org/10.1038/s41538-024-00319-1

EHS Law Insights. (2025, March 4). French ban on PFAS.

https://www.ehslawinsights.com/2025/03/french-ban-on-pfas/

Environmental Working Group (EWG). (2025, January). ‘Forever chemicals’ in sludge may taint nearly 70 million farmland acres. https://www.ewg.org/news-insights/news/2025/01/forever-chemicals-sludge-may-taint-nearly-70-million-farmland-acres

Hagemann, N., & Harclerode, M. (2024). Assessment of PFAS exposure pathways from biosolids to food: An emerging risk to sustainable agriculture. Environmental Sciences Europe, 36(1). https://enveurope.springeropen.com/articles/10.1186/s12302-024-01031-3

J.P. Morgan. (2025, January 14). Forever Changed: Screening PFAS Risks & Opportunities Exposure in EMEA & Takeaways from Expert Calls. [PDF].

Kepler Cheuvreux. (2023, November 30.) Climate Change & Natural Capital: PFAS – Industry Risk, Regulation & Substitution. [PDF].

Kepler Cheuvreux. (2024, September 9). PFAS: Phase-Out Risks and Clean-Up Opportunities [PDF].

New York State Senate. (2025). Senate Bill S5759: Management of PFAS in Biosolids. 2025–2026 Regular Legislative Session. https://www.nysenate.gov/legislation/bills/2025/S5759/amendment/A

Osler, 2024. (2024, April). Regulation of “Forever Chemicals” (PFAS) in Canada. https://www.osler.com/en/insights/updates/regulation-of-forever-chemicals-pfas-in-canada/

Paul Hastings LLP. (2025, Q1). PFAS Legislative and Regulatory Developments: First Quarter 2025. https://www.paulhastings.com/insights/phast-track-legal-insights-on-environment-energy-and-infrastructure/pfas-legislative-and-regulatory-developments-first-quarter-2025

Rappazzo KM, Coffman E, Hines EP. Exposure to Perfluorinated Alkyl Substances and Health Outcomes in Children: A Systematic Review of the Epidemiologic Literature. Int J Environ Res Public Health. 2017 Jun 27;14(7):691. doi: 10.3390/ijerph14070691.

Safer States. (2025). PFAS Bill Tracker. https://www.saferstates.org/bill-tracker/?toxic_chemicals=PFAS

Safer States. (2025). PFAS-related biosolid legislation tracker. https://www.saferstates.org/bill-tracker/?toxic_chemicals=PFAS&issue_sectors=Biosolids/Sludge&status=Introduced&year=2025:2025

​Totaro, Callie Sierra, “PFAS Exposure and Human Health Risk Management – A Policy Review” (2024). Master’s Projects and Capstones. 1707. https://repository.usfca.edu/capstone/1707

U.S. Environmental Protection Agency (EPA). (2025, January). Fact Sheet: Draft Sewage Sludge Risk Assessment for PFOA and PFOS. https://www.epa.gov/system/files/documents/2025-01/fact-sheet-draft-sewage-sludge-risk-assessment-pfoa-pfos.pdf

U.S. Environmental Protection Agency (EPA). (2024, November). EPA’s PFAS Strategic Roadmap: Three Years of Progress. EPA-800-K-24-002. https://www.epa.gov/system/files/documents/2024-11/epas-pfas-strategic-roadmap-2024_508.pdf

U.S. Environmental Protection Agency (EPA). (n.d.). Per- and Polyfluoroalkyl Substances (PFAS) in Sewage Sludge. https://www.epa.gov/biosolids/and-polyfluoroalkyl-substances-pfas-sewage-sludge

Wang, Z., & Cousins, I. T. (2023). Sorption of per- and polyfluoroalkyl substances (PFASs) to biosolids: Environmental risks and implications. Chemical Engineering Journal, 452, 139471. https://www.sciencedirect.com/science/article/abs/pii/S1385894722054444

n

Dr. Anant Jani

Advisor

Anant is a Research Fellow who works on understanding how we can improve the value of healthcare services by optimizing resource utilization, improving population health and by addressing social determinants of health. Prior to his position at the University of Oxford, Anant worked in Europe and the Middle East to help healthcare systems within these countries to focus more on value-based healthcare. Anant has a PhD in immunology from Yale University.

Chiyedza Heri

Director

Chiyedza Heri is an inter-disciplinary professional with experience spanning biodiversity conservation, carbon markets, sustainability reporting, policy advisory and innovative financing mechanisms. Her work focuses on helping governments, financial institutions, businesses and development partners mobilise capital for climate-resilient, nature-positive and inclusive economic development across Africa.

Chiyedza is the Founder and CEO of Ubuntu Alliance, where she works with public and private sector partners to improve sustainability data, reporting and access to alternative finance for environmental and social outcomes.
Her experience includes policy and advocacy leadership with BirdLife Zimbabwe, where she supported nature and climate-policy alignment, ecosystem-restoration finance and stakeholder capacity building; and service as Vice Chair of the Zimbabwe Carbon Association, where she contributed to carbon-market coordination, regulatory benchmarking. She has also facilitated carbon-finance learning for conservation practitioners, policymakers and finance professionals through Africa Leadership University.

Chiyedza brings practical knowledge of TNFD, TCFD, carbon-crediting programmes, impact measurement, biodiversity-finance planning, ESG-related standards and the interlinkages among the Rio Conventions. She has contributed to Zimbabwe’s National Biodiversity Strategy and Action Plan and has engaged in major regional and global policy forums, including UNFCCC COP28 and 30, UNCBD COP16, UNCCD COP16, Ramsar COP15, the Africa Climate Summit one and two and the 2024 UNEP FI Africa Regional Roundtable.

Zsófia Ságodi

Analyst

Zsófia Ságodi is an International Relations student at Leiden University with experience in business development, policy research, and data analysis. She is interested in international political economy, sustainability, and using research and data-driven insights to support strategic decision-making.

William Morrissey

Manager

William Morrissey is an environmental science and policy professional who thrives at the intersection of climate, finance, and policy. As an Associate at Responsible Alpha, William leads the US federal and state contracting effort, liaising with federal partners, identifying public partnerships, and opportunities for growth. He also assists on contracts, using his project management, natural resource management, and scientific research experience. 

With 5+ years of experience as a natural resource biologist, William has worked across sectors to solve complex environmental problems. At Versar Inc., he had the opportunity to contribute to many environmental projects, such as freshwater habitat surveys and IDDE inspections. He has managed environmental and wetland permitting for the Maryland State Highway Association and served as a field biologist for the MD Department of Natural Resources.  

Recently, he obtained his MPA in Environmental Science and Policy from Columbia University School of International and Public Affairs, where he studied climate science, environmental policy, and sustainable finance. In his undergraduate career, he studied Biology at the University of Delaware with a primary focus on ecology.  

Outside of the office, William spends a lot of his time with his family, traveling abroad or to the New Jersey shore, and cooking delicious vegetarian recipes. 

 

Dr. Emily Senay, M.D., MPH

Advisor

Dr. Emily Senay, MD, MPH, is the Interim Executive Manager at the Climate Health Society. Dr. Senay is also a lecturer in the Department of Environmental Health Sciences at the Yale School of Public Health. She serves as a clinician with the Queens World Trade Center Health Program, providing care to first responders and volunteers who supported the 9/11 response. Dr. Senay’s scholarship centers on how healthcare organizations contribute to and respond to the climate crisis, with an emphasis on healthcare sustainability, transparent environmental accounting in the health sector, and climate communication for clinicians. Her clinical work highlights interventions with co-benefits for patients and the planet, including Lifestyle Medicine approaches that promote health while reducing environmental impact. Prior to her academic and clinical roles, Dr. Senay spent more than two decades as a medical broadcast correspondent for CBS News and PBS News, where she reported on health and science topics for national audiences.

Rajeev Soni

Director Product Development

Raj Soni advises enterprise leaders on capturing AI value. Over twenty years Raj has launched and scaled B2B SaaS and enterprise products globally and built teams across four continents. He works with leadership on the decisions that matter, which workflows to redesign, how to structure adoption, and how to measure and deliver against the AI value promise.

Mr. Soni has held director of product development and similar roles at Gartner, Glasswing, SEQR, and European Union Delegation to India and South Asia. He has worked at firms including Tata Consultancy. He also participated on product, delivery and engagement leadership roles with Bank of America, Boeing, JPMorgan Chase, National Bank of Greece and ABN AMRO on enterprise launches.
Career highlights include:

  • 20 years launching and scaling B2B SaaS and enterprise products across research, logistics, retail, financial services and higher education.
  • Fortune 500 and high-growth startup experience on product strategy and go-to-market.
  • Global teams of 60+ across four continents. 1M+ paying enterprise users shipped. One founder/exit.
  • Deep expertise in product market fit, retention and expansion revenue models.

Raj graduated with an MBA from the Ross School of Business, University of Michigan.

Dr. Tom Achoki, M.D., Ph.D.

Advisor

Dr. Tom Achoki, M.D., Ph.D. is a seasoned physician executive with over 15 years of global experience leading innovation in healthcare and social impact initiatives. His work spans strategic partnerships across public, private, and nonprofit sectors, driving transformative change in health systems and development programs worldwide. He is a co-founder of the Africa Institute for Health Policy, a leading research organization based in Nairobi, Kenya.

Tom is a medical doctor and has completed a PhD from Utrecht University in the Netherlands and an MBA from the M.I.T Sloan School of Management, where he focused on finance and healthcare innovation. He did his post-graduate training at the Institute of Health Metrics and Evaluation, University of Washington where he also held a faculty position. He brings deep expertise in corporate venture investing and operational model design to advance business goals while creating shared value and mitigating risk. He is a recognized thought leader in global health, digital transformation, research, and data analytics—leveraging evidence to inform strategic decisions and execution.

Dr. Achoki’s work is grounded in a commitment to equity, sustainability, and measurable impact—making him a trusted advisor in shaping the future of healthcare and social innovation.

Francisco Lizcano Bazaldúa

Director

Francisco Lizcano Bazaldúa is an impact investing professional with a background spanning venture acceleration, institutional finance, and sustainable technology-enabled supply chains across Latin America. He holds an MSc in Astrophysics from UNAM — where he developed advanced skills in statistical modelling, quantitative data analysis, and evidence-based reasoning — which he brings to investment analysis, ESG research, and sustainability advisory. Experienced structuring blended-finance mechanisms and advising early-stage impact enterprises on capital readiness and scalability, he has worked across the full capital stack from seed-stage ventures to institutional products. His supply chain traceability work at BanQu deepened his practical understanding of ESG compliance frameworks, sustainable sourcing standards, and the role of data integrity in credible sustainability reporting. Francisco is currently a Fellow of the New England Impact Investing Initiative (NEI3), deepening his expertise in sustainable finance and impact measurement across emerging markets.

Cara Li

Project Team

Cara Li

Ruonan (Cara) Li is passionate about sustainability and global development, with a interdisciplinary background in public administration, economics, and policy studies. Currently pursuing a Master’s degree in International Relations at Johns Hopkins University SAIS Europe in Bologna, she focuses on how data-driven insights and policy innovation can advance sustainable growth and international cooperation.

Linked In

Julianne Zimmerman

Advisor

Julianne Zimmerman is a social justice investor and systems-change leader with more than 30 years of experience putting technology and capital to work for the greater good. She currently serves on the Trust Stewardship Committee for Ona Perpetual Purpose Trust and previously served as Co-CEO of Adasina Social Capital. Julianne has held leadership and advisory roles across impact investing, energy, biofuel, water purification, aerospace, and technology.

She previously served as Managing Director at Reinventure Capital, investing in US-based companies led and controlled by BIPOC and/or female founders. She is actively involved in advancing racial, social, and gender equity and serves on the board of the Criterion Institute and as an Ambassador for Global InvestHer.

She also mentors entrepreneurs and emerging leaders through organizations including MIT VMS, WPI, and Majira Project. Julianne holds two SB degrees from MIT, an MS in Aerospace Engineering from the University of Maryland, and an executive certificate in Sustainability Management from Presidio Graduate School. She is a 2020 Conscious Company World Changing Woman and a 2022 Forbes 50 Over 50 honoree.

Isabella Manzione-Dearborn

Analyst

Isabella Manzione-Dearborn is a graduate student at Johns Hopkins University’s School of Advanced International Studies pursuing a Master of Arts in International Affairs. Isabella currently serves on the project team as an analyst and works extensively with the Business Development and Marketing Team.  

Throughout her education, Isabella cultivated a strong interest in climate and sustainability issues, integrating global sustainability themes into her coursework and study abroad experience. Her professional background includes internships with the Department of Defense and the International Rescue Committee, where she supported federal operations and refugee resettlement efforts. Isabella’s interdisciplinary perspective and commitment to the environment align with Responsible Alpha’s mission to advance climate-conscious financial strategies. 

With over two years of study-abroad experience, Isabella demonstrates strong global citizenship skills. In addition to her passion for travel, Isabella enjoys training for half marathons and collecting many plants. 

LinkedIn

Paul Jonas

Analyst

Paul is a trained natural resource scientist studying at the School of Environment and Sustainability at the University of Michigan.

Emily Korlin

Manager

Emily's interests lay at the intersection between data, environment, and public health. She has a Bachelor of Arts in Biology, Society, and Environment from the University of Minnesota.

Jimena Faz Garza

Analyst, Special Projects

Jimena’s management role includes project tracking and management, team coordination, online marketing, and supporting RA’s participation in working groups and partnerships. She is also an analyst who conducts research and assists in writing reports and deliverables for client projects. 

Jimena has previously interned at A Wider Circle (a social support nonprofit in the DC/Maryland area), and at the Chronicle of Philanthropy (a publication covering philanthropy and nonprofits in the US and worldwide). She has also worked as a summer camp counselor and as a state lead in Virginia for a voter turnout campaign in 2020. 

Jimena attended the College of William & Mary and earned a Bachelors degree in Sociology with a concentration in Social Problems, Policy, and Justice. She enjoys studying intersections between social dynamics, environmental patterns, and economic trends, and using iterative research processes to create lasting solutions that bridge gaps between sectors. She is passionate about translating technical information into clear, compelling narratives. 

Jimena has lived in Mexico City, DC, and Virginia, and is now based in Nairobi, where she enjoys spending time with her family, exploring the city, trying new foods, meeting people from around the globe, and bonding with her cat. 

 

Dr. Mike Kroll

Advisor

Dr. Mike Kroll is a risk management and quantitative finance specialist, combining advanced technical capability with deep financial services expertise. Holding a doctorate in Physics from Ruhr University Bochum, Germany, he delivers credit and operational risk frameworks, regulatory compliance programs, and ESG/climate risk solutions for banks, insurers, and institutional investors across Europe, North America, and emerging markets.

His work spans quantitative management advisory and climate risk modelling, underpinned by proficiency in programming languages and quantitative analytics.

Mike operates at the intersection of risk methodology and data-driven implementation as he translates technical requirements into operational delivery.

Mark Bershatsky, CFA

Advisor

Mark Bershatsky, CFA has been at the cutting edge of carbon reduction technologies since 2007. Currently, Mark is a senior credit and risk manager in the renewable energy sector.

Monique Aiken

Board Member

Monique Aiken is a strategist, systems thinker, author, founder and podcaster with nearly 25 years of experience in finance and impact.

 For the first 12 years of her career in traditional finance, Monique moved between New York, London and Houston, splitting time between Debt Markets at Bank of America and Citi and Commodity Derivatives at Deutsche Bank. Monique then focused her energies on advancing the impact economy, spending ~3 years each at the Clinton Global Initiative, Tideline, a boutique impact investing strategy advisor, and Mission Investors’ Exchange where she led programs for members looking to begin or deepen a practice of impact investing.
 
In 2020, she joined The Investment Integration Project (TIIP), as Managing Director. TIIP connects systems thinking with investing for institutional investors through custom consulting, applied research and recently launched SaaS platform, SAIL, the Systems Aware Investing Launchpad that allows investors to learn about “system-level investing” at their own pace.
 
Monique is also co-founder of Make Justice Normal, a growing collective seeking to open space for people working to move capital towards justice, for which she is host of their podcast, "Into the Record", and co-cofounder of the ReStarter Fund, an economic and climate justice initiative aiming to be a small business lifeline in these times of polycrisis.
 
A Contributing Editor at ImpactAlpha, Monique also serves on the boards of Responsible Alpha and the Institute for Nonprofit Practice. Other advisory board and committee service includes: the Steering Committee for the Intentional Endowments Network (IEN), the NYC Racial Equity Endowment Fund, the Investment Committee for the NYU Impact Investment Fund, the Advisory Board for the Global Bio Fund, focused on gendersmart biotech and wellness, the WELL Certified Sustainable Finance Task Force and the Community Advisory Board for New York Radio (WNYC).
 
Monique is a proud Toigo, SEO, and INROADS alum and holds an MBA from NYU Stern School of Business and a B.Sc. in Foreign Service from Georgetown University, where she studied Spanish and Portuguese. Her first children's book, a love letter to her son (and all children), was published in January 2024.

Justin Kew, CFA

Board Member

Justin who is a CFA holder and leads the ESG research function in an alternative investment firm. He has extensive experience in the financial services ranging from investment banking to asset management and venture capital funds management. Justin has worked on building up business units, ran global business change programs, and built ESG businesses up for multiple asset management. Justin has almost a decade of experience in sustainable investing.

Peter Fusaro

Advisor

Peter is a New York Times best selling author, global thought leader focused on climate change investment and the Energy Transition for many decades. Since Earth Day 1970, he has been focused on energy & environmental issues that enhance economic development & human health through innovative clean energy technology. He is passionate about ESG & impact investing, particularly in carbon emissions reductions. He has been involved in several cleantech startups as an Advisor, Judge in the Cleantech Open for the Northeast, & Entrepreneur-in-Residence for Columbia Tech Ventures. 

 Peter is Founder of the 25th Annual Wall Street Green Summit held on March 10 and 11, 2026 in New York & focused on the nexus of finance and technology. The Summit is one of the longest running & most comprehensive events in the Sustainable Finance in the world hosting over 9,000 participants.
 
Peter wrote the New York Times best seller, “What Went Wrong at Enron” as well as 16 other books on energy & the environment with noted global publishers such as Wiley, McGraw-Hill, & Oxford University Press. His 900 page book “Energy and Environmental Project Finance Law & Taxation” published by Oxford is used as a primer at graduate school courses throughout the world. 
 
Peter was a professor at Columbia University creating & teaching a course on Renewable Energy Project Finance to second year graduate students where he taught financial modelling. Peter has lectured at leading universities including MIT, Columbia, Yale, Carnegie-Mellon, Wharton, Northwestern, Univ. of Michigan, Oxford, Univ. of Chicago, Tufts & London Business School. His belief is that economic transformation to sustainability cannot occur without the massive engagement of young professionals & he has mentored over 300 college undergraduate & graduate students on career development & opened doors for their professional careers.
 
Peter has 50 years of experience in clean energy & environmental innovation, both in the private and public sectors & believes we are in the beginning stages of a Global Energy Transformation into sustainability. He is a recognized expert in ClimateTech, ESG, & Carbon Markets, & recognized with Lifetime Achievement Award in Who’s Who in America. He has a proven track record of sourcing capital from strategic investors, venture funds for revenue-generating companies that want to scale & commercialize their climate change technology. On the advisory boards of ClimaTwins, Global Green Street and Power to Hydrogen.

Gwen Bridge

Board Member

Gwen Bridge is an Indigenous consultant specializing in Indigenous-led conservation, natural resource management, and policy development. A member of the Saddle Lake Cree Nation, she brings a deep cultural perspective to her work, emphasizing the advancement of Indigenous knowledge within a transforming Western legislative context.

Gwen excels in facilitating collaboration between Indigenous communities, governments, and organizations to create sustainable land management solutions. With a Master of Science from the University of Alberta, her expertise extends to collaborative policy-making, Indigenous strategy, organizational reform, and community engagement. She is dedicated to empowering Indigenous communities to take leadership roles in conservation and to shape policies that reflect their cultural values and sustainable practices.
 

Gwen has worked with Tribal Nations in the US and First Nations in Canada and with national and international environmental NGOs to advance Indigenous led natural resource management projects and policy development. Gwen is the co-founder of the Indigenous Engagement Institute, an initiative to share knowledge and skills with those seeking to improve indigenous relations.

Musa Collidge-Asad

Board Member

Musa has been engaged with a broad range of sustainable finance and development, climate resilience, and related thematic areas for the bulk of his career.  His sustained commitment traverses his lengthy tenure with the World Bank Group overseeing a multi-billion-dollar portfolio of diverse sustainable development projects to U.S.-based entrepreneurial and green bank endeavors across diverse asset classes at the intersection of climate finance, renewable energy, real property, and impact capital. 

Additionally, the following highlights some of his unique contributions and capabilities based on relevant leadership roles in diverse organizational contexts:

  • Inclusive Prosperity Capital -- as CIO and a core member of IPC’s leadership team, roles included oversight of all capital formation, investment strategy and transactions, risk-portfolio management, team expansion and a $10M OpEx budget, for a ~$350M blended finance investment platform.

  • Montgomery County Green Bank and MD Clean Energy Center -- MCGB roles include BoD, Investment Committee, and Fin-Ops Committee; MCEC roles include Advisory Council (Governor's Office Appointment) and Energy Innovation Accelerator Exec-in-Residence.

  • Quantified Ventures -- led teams in an entrepreneurial culture to deliver environmental impact bond and fund solutions resolving climate resilience, water quality, and sustainable land use.

  • World Bank Group -- led numerous multidisciplinary teams for a multi-billion dollar portfolio of diverse sustainable development and Global Environment Facility programs delivering long-term impactful results.

  • High-Level Professional Network -- cultivated an extensive network of government, business, banking, NGO and academic leaders in the U.S. and globally who are deeply engaged with an array of renewable energy, climate finance, economic development, and impact investments.

  • Relevant Academic Background -- includes a J.D. (environmental law), an M.B.A. in Finance, and Harvard Executive Management Program.

Neil Hyman, Esq.

General Counsel and Corporate Secretary

Neil Hyman is the General Council at Responsible Alpha and the founder of the Law Office of Neil S. Hyman, LLC, where he practices employment law, commercial litigation and civil litigation. Neil represents workers and employers alike, in state and federal trial and appellate courts. He has argued on behalf of his clients before the United States Equal Employment Opportunity Commission, the Maryland Commission on Human Rights and the Montgomery County Office of Human Relations. He provides legal counsel to clients who wish to reduce their liability as employers. In service of this goal, he can draft protective contracts, employee handbooks, noncompete agreements and other documents that help shield employers from potentially damaging litigation.

Steve Zwick

Director

Steve Zwick produces the popular Bionic Planet podcasts and serves as director of media relations for standard-setting body Verra. Before this, he served as chief business correspondent for TIME Magazine from 1998 to 2006.

He built Ecosystem Marketplace into the world’s leading provider of freely available news and analysis on payments for ecosystem services covering all aspects of environmental finance – including carbon markets, but also mitigation banking, green bonds, and performance-based payments. He launched Bionic Planet in 2016 explicitly to break down information asymmetries among those on the front lines of the climate challenge.

Previously, he was the radio host and producer at Deustche Welle Radio reaching over 20 million listeners, a contributing writer to Time Magazine, and a futures trader and broker in Chicago.

Ashley Fritz, CFA

Advisor

Ashley Fritz has over 15 years of experience in the asset management industry, focusing on sustainability, global markets and data analytics. 

Most recently, she was a Senior Investment Analyst on the Emerging Markets Debt investment team at Loomis, Sayles & Company where she helped develop, implement and execute the team’s sustainability framework covering the investable universe.  Her work included aggregating relevant third party data to evaluate current and prospective holdings for portfolio inclusion as well as meeting with portfolio company management to learn more about sustainability efforts. She constructed several portfolios aligned to the International Energy Agency (IEA) climate scenarios using both current and projected industry relative carbon emissions.

Prior to this, she was a Vice President and Senior Portfolio Analytics Specialist at FactSet Research Systems, where she served as a subject matter expert in portfolio level products across the system. Her responsibilities during this time included assisting large asset managers, endowments and foundations create and analyze custom sustainability reports on the platform.

She is passionate about sustainable investing and has written several frequently cited blog posts detailing her work.

Ashley earned a BS from Bentley University. She is a CFA® Charterholder and holds a certificate in Sustainable Investing from the CFA Institute. She is active in her community and serves on the Board of Directors for her town’s Green Committee.

Chris Donn, MBA

Advisor

Chris thrives at the intersection of sustainability, communications, and business development—helping companies and investors grow, fund, and demonstrate their impact. With 20+ years’ experience across Asia, Europe, and the Americas, he excels at translating complex climate, sustainability, and ESG requirements into clear, compelling strategies that secure financing from investors and contracts with Fortune 500 companies. His track record includes $50 million in contracts and funding across corporates, governments, and investors.

Chris' core strengths:

    • Strategic communications & investor relations (impact storytelling, stakeholder engagement).
    • Fundraising & business development (winning contracts and funding at scale).
    • Sustainability, climate, and ESG reporting & regulatory alignment (CSRD, ISSB, GRI, TCFD).

Chris has an MBA (ESCP Business School) and Postgraduate Diploma in Digital Business (Columbia × MIT).

Peter Graham

Director

Peter Graham is a Director at Responsible Alpha, where he focuses on climate transition, nature-based solutions, sustainable finance, and ESG risk and opportunity. He supports clients and partners in developing strategies that enhance valuation, reduce risk, expand market opportunities, and contribute to a resilient, nature-positive circular economy.

Peter has more than 20 years of experience across government, international NGOs, consulting, and multilateral climate diplomacy, including roles with Climate Advisers, WWF, Natural Resources Canada, and Verdant Futures LLC. His work has focused on forest and land-sector climate policy, carbon markets, climate finance, corporate sustainability, nature-related financial risk, REDD+, and international negotiations, including chairing UNFCCC negotiations that produced the Warsaw Framework for REDD+.

Peter holds a Master of Forestry (Economics) degree from the University of British Columbia and a Bachelor of Science in Forestry (Forest Resource Management) from the University of New Brunswick. He has authored and contributed to peer-reviewed publications on forest carbon, climate policy, REDD+, nature-based solutions, and the role of forests and land use in climate mitigation.

Liesel D'Souza, SCR

Project Team

Liesel D’Souza is a seasoned Risk Management and Sustainable Finance Strategist with over 20years of experience spanning global financial institutions and regional markets. She has held leadership roles at Standard Chartered Bank in Singapore, including Regional Director for ESG & Climate Risk, and previously worked at Goldman Sachs and Deutsche Bank in New York and London.

Liesel graduated from New York University with a degree in Finance and International Business and is certified by the Global Association of Risk Professionals in Sustainability and Climate Risk. She is passionate about enabling organizations to navigate the evolving sustainability landscape, and excels in driving Sustainability Policy, ESG Governance and leading cross-functional teams to deliver complex Decarbonization Strategies, Climate Scenario Analysis, and Regulatory engagement aligned with TCFD, ISSB, and Net-Zero frameworks.

Linked In

Liesel D'Souza, SCR

Managing Director

Liesel D’Souza is a Managing Director at Responsible Alpha, where she leads Energy Transition and Natural Capital advisory work focused on climate riskand supply chain resilience. She guides corporates, investors, and financial institutions on integrating climate and social risk into decision‑making, shaping resilience strategies, and mobilizing capital toward high‑impact outcomes. Her work spans risk diagnostics, portfolio‑level analytics, and executive‑level narrative development for clients across global markets. She previously served as Head of Climate and ESG Risk at Standard Chartered Bank, where she built and implemented operationalized frameworks across multiple jurisdictions and asset classes.

Her broader career includes deep Asia‑Pacific experience in banking, policy, and sustainability, with specialization in climate‑related financial risk, transition finance, and impact‑aligned capital allocation. She has advised multinational corporates, asset managers, and development institutions on risk transmission, regulatory alignment, and long‑term value creation. Liesel holds degrees in Finance and International Business from New York University, along with certifications in Sustainability and Climate Risk management.

Her academic background reflects a focus on financial systems, development, and environmental governance. Outside of work, she is engaged in community‑focused environmental initiatives and enjoys travel, contemporary art, and exploring nature across the Asia‑Pacific region.

Gabriel Thoumi, CFA, FRM, Certified Ecologist, LEED AP

President and CEO

Gabriel Thoumi, President and Founder of Responsible Alpha, is an award-winning sustainable finance research manager with over 20 years’ experience leading scientifically rigorous, replicable, and scalable approaches for capital deployment and impact. He has worked with financial institutions, banks, asset managers, corporations, civil society, and governments in more than 30 countries focusing on financing and modeling the necessary energy transition and nature transition pathways for a sustainable future.
In his career, he has spoken at or moderated more than 300 events including TV appearances from the NYSE; has published more than 120 sustainable investment research reports, chapters, peer review articles, and finance textbooks edited; and sat on numerous global boards and advisory committees including the S&P Global Sustainable Finance Scientific Council.
Mr. Thoumi has also participated on and led teams winning numerous awards, such as:
  • Rockefeller Foundation Bellagio Center – cohort of top 25 global natural capital leaders (2014, individual award)
  • Lipper Award: Best in Class Natural Resources Fund Globally for the Calvert Global Water Fund (2014, team award)
  • Environmental Finance: ESG innovation of the year (research) (2020, team award as co-author)
  • Global Innovation Lab for Climate Finance, Agricultural Supply Chain Adaptation Facility (2015, group award representing Calvert Investments co-won with the Inter-American Development Bank)
  • Gotham Network: Gotham Green Award (2021, individual award)
Since 2010, Mr. Thoumi has lectured on sustainable finance and impact investing, energy transition, and natural capital at various universities including Ross School of Business, University of Michigan, Smith School of Business, University of Maryland, Johns Hopkins University SAIS, and the University of Applied Sciences, Upper Austria. He has also frequently guest lectured at leading universities globally including Oxford University, Yale University, Columbia University, and others.
For 8 years, Thoumi was a political appointee supporting Washington DC regional energy transition, nature conservation, air quality, climate modeling, and urban planning.
As a trained scientist, he has experience at sea conducting oceanographic research and on land assessing forest and biodiversity health.
Mr. Thoumi has an MBA, MSc in Sustainable Systems, and a Graduate Certificate in Real Estate Development from the University of Michigan where he was both a Consortium and Erb Institute fellow. He has a MIM in International Finance from the University of St. Thomas where he was a NSHMBA fellow. He also has a B.A. in Art History and Archaeology and a B.A. in Studio Arts from the University of Maryland where he was Summa Cum Laude and Phi Beta Kappa.