Today: The Supreme Court ruled Trump’s tariffs unlawful, but other restrictions are affecting green manufacturing; an airline carbon-offset deadline looms as credits are in short supply; the hunt for the shadow fleet.

Welcome back: Manufacturers of solar, wind and batteries technologies are battling a fresh bout of uncertainty after the Supreme Court struck down President Trump’s tariffs regime, Yusuf Khan reports.

For manufacturers of green products, the legislative whiplash that came with Trump's Liberation Day tariffs and the One Big Beautiful Bill Act is again endangering investment and raising costs, according to experts.

“This kind of environment for clean tech manufacturing is not good,” said Chris Aylett, research fellow at think tank Chatham House, focusing on environment and society. “If you have this extra uncertainty around tariffs it’s just an extra thing added to it.”

Import tariffs on battery storage are one area of concern, as they are used as baseload power for data centers, said Andy Leyland at Supply Chain Insights, a research and advisory firm on supply chain optimization.

“U. S. industry needs at least a 25% tariff to be incentivized [to produce domestically], so expect a surge of Chinese imports,” he said.

To add to this, many restrictions on imports still apply. Most solar restrictions were put in place by the Biden administration as a way to promote domestic manufacturing. Prohibited foreign entity restrictions also limit what kind of tax credits manufacturers can access, given many goods associated with clean technologies rely on products made outside the U.S.

• President Trump increased a global tariff to 15% from 10%, effective immediately, following a Supreme Court ruling. (WSJ)
• The Supreme Court’s striking down President Trump’s signature tariffs is creating uncertainty for U.S. businesses. (WSJ)
• Many chief executives are resigned to tariffs, no matter what the U.S. Supreme Court says. (Dow Jones Risk Journal)

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Airlines covered by a United Nations carbon-offsetting program for aviation have less than two years to negate their emissions. The only problem: there aren’t enough credits to go around.

Henry Kronk writes that more than 32 million credits were available for Phase I of the Carbon Offsetting and Reduction Scheme for International Aviation, or Corsia program, as of Friday. The International Air Transport Association’s Assistant Director of Climate Policy Yue Huang believes it will require at least 200 million.

The problem isn’t that the credits don’t exist. But, countries that host the carbon projects that issue them need to approve the credits for export to ensure they aren’t counted in their own national inventories. Just 10 countries have sent credits abroad for Corsia eligibility so far.

For every credit a country authorizes for Corsia or Article 6, it decreases its pool of emissions reductions it can count toward its own NDC, unless it incorporates international crediting into its targets. This is because both credit exports and NDCs are derived from a country’s carbon inventory.

The phantom fleet of sanctioned vessels now numbers 1,300 ships, according to TankerTrackers.com, a ship-tracking website, Daniel Kiss, Ming Li and Rebecca Feng report.  

Shadow fleet ships, usually old, sailing under false flags and sanctioned, accounted for 6% to 7% of the global crude oil flows in 2025, according to ship-data firm Kpler. Russia last year relied on the fleet to transport around 80% of its crude and oil products, analysts estimated.

There are around 300 million barrels of Russian and Iranian oil at sea, according to ship tracker Vortexa. The two countries are responsible for over 11% of the world’s oil production, meaning that expunging them from the global oil trade would be challenging.

The sheer number of shadow tankers and the means they have to avoid detection are among the difficulties. Removing Russia and Iran from the market would also likely raise the price of crude and increase inflation—an especially sensitive topic in the U.S. ahead of midterm elections.

The U.S. may be scaling back climate initiatives but other countries–and especially the European Union–are forging ahead with new rules. The Dow Jones Risk Journal Summit in New York on March 4 will include a discussion on how companies can manage this complex picture. Speakers are Tim Mohin, partner and director at Boston Consulting Group, and Beth Sasfai from law firm Cooley.

Request a complimentary invitation here using code COMPLIMENTARY. Attendance is limited, and all requests are subject to approval.

• A bomb cyclone shut down much of the East Coast, with more than 40 million people under blizzard warnings Monday. (WSJ)
   
• The Trump administration watered down limits on mercury pollution from coal plants in its latest move to unpick climate regulations. (FT)
   
• Renault said it would take full control of Flexis, an electric-van joint-venture it co-owns with Volvo AB and CMA-CGM. (WSJ)
   
• Bentley Motors announced a commitment to use 100% sustainable aviation fuel for all customer car airfreight shipments. (ESG Today)
   
• U.S. elite troops are retraining for Arctic warfare, highlighting the U.S. military’s need to catch up in the strategically important region. (WSJ)
   
• Fermat hedge fund founder says catastrophe bonds market is drawing in new issuers at a rate unlike anything he’s seen before. (Bloomberg)
   
• Trump said he plans to send a hospital ship to Greenland as part of his effort to exercise control of the mineral-rich Arctic island. (WSJ)

WSJ Pro Sustainable Business gives you an inside look at how companies are tackling sustainability. Send your comments to editor Perry Cleveland-Peck at perry.cleveland-peck@dowjones.com and reporters Clara Hudson at clara.hudson@wsj.com and Yusuf Khan at yusuf.khan@wsj.com. Follow us on LinkedIn at perrycp, clara-hudson and yusuf_khan.