From Risk to Reward: Lessons in No Regrets Conservation

Tim Hayes spent 36 years at Duke Energy and its predecessor companies in the environmental and natural resource field. For the last 11 years of his career, he served as environmental director for Duke’s renewable energy business. Tim retired in 2022 and now provides consulting services for The Conservation Fund and other clients. 

Lessons from the Early Days of Carbon Policy 

In the late 1990s and early 2000s, momentum was building around carbon policy in the U.S. The proposed Climate Stewardship Act encouraged companies to explore land-based carbon sequestration — from forest preservation and reforestation to soil and geologic sequestration. 

At Cinergy Corp (later acquired by Duke Energy), senior leaders saw both risk and opportunity. They committed significant resources to what one manager called “no regrets conservation projects” — initiatives that could deliver carbon sequestration if policy took hold, but would still produce long-lasting conservation and community benefits if it didn’t. 

That Climate Stewardship Act never passed. But the conservation outcomes remain. 

I had the privilege of leading many of those projects with trusted partners including The Conservation Fund, Ducks Unlimited, The Nature Conservancy, Quail Unlimited, and the National Wild Turkey Federation. Together, we planted thousands of trees and acres of native grasses, creating habitat that endures to this day.  

More than two decades later, I can still drive through southwest Indiana and see pin oaks, pecans, and bald cypress we planted now towering 25 feet high — a living reminder that our investments paid off, regardless of what happened in Washington. 

Why “No Regrets” Still Matters 

Looking back, those projects were a highlight of my career. They taught me a lesson I carry with me today: policies shift, political winds change, but land conservation delivers lasting value. 

For businesses, voluntary conservation is not just goodwill. It’s a strategic way to: 

• Strengthen relationships with communities and stakeholders
• Provide long-lasting tangible assets that one can see, touch, and enjoy
• Demonstrate responsible risk management in uncertain policy environments
• Safeguard water resources and biodiversity
• Store carbon in natural systems

Today, companies face a new set of pressures — from evolving ESG expectations, to supply chain demands, to European disclosure requirements. Many leaders are unsure how to measure success or where to focus limited resources. But one thing is clear: investing in land conservation is a “no regrets” strategy that pays dividends for the environment, for communities, and for a company’s reputation. 

How The Conservation Fund Can Help 

Through its Mitigation Solutions program, The Conservation Fund has decades of experience designing and implementing projects that deliver conservation benefits to businesses. While their core work addresses required mitigation, they also have the expertise to help companies pursue voluntary, customized conservation projects that: 

• Offset habitat impacts
• Build goodwill with stakeholders
• Provide measurable benefits for biodiversity, water, and carbon

Just as Cinergy did more than 20 years ago, today’s businesses can choose proactive conservation as a tool for managing risk and creating enduring value. 

A Personal Reflection 

When I see those trees we planted in Indiana standing tall, I’m reminded why those early managers were right — they had no regrets. Their foresight left a legacy that benefits wildlife and communities to this day. 

The same opportunity exists for companies now. Regulations may rise and fall, but conservation is always a smart investment. 

👉 Takeaway for industry leaders: Even in uncertain policy environments, voluntary land conservation is a low-risk, high-value strategy that supports business goals, stakeholder expectations, and community trust.