In 2007, James Rogers did the unthinkable. As chief executive of Duke Energy, one of the largest coal-powered utilities in the country, he lobbied for the passage of aggressive cap-and-trade legislation. The bill, if passed, would have imposed billions of dollars in costs on his business, and it was vigorously opposed by the coal industry's primary lobbyist.

Mr. Rogers, who died in 2018, was no masochist; he was a visionary who understood something fundamental about the relationship between time and profits: Over the long run, the profitable thing and the right thing are usually the same.

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