It is widely acknowledged that significant involvement of business is critical for the success of national and international climate policy. Despite this increasing awareness of the salience of climate change and its potential impacts, however, there is little so far in prevailing corporate carbon management approaches to strongly alter pre-existing carbon-intensive practices and induce radical societal transformation towards greener economies. This chapter proposes that the history of business climate strategies can be divided into four distinct if overlapping eras: (1) opposition, (2) reluctant support, (3) backtracking and (4) ambivalence. The chapter also reviews the utility of front running theories in explaining the orientation and changes in corporate strategies for climate change. Analysis suggests that an understanding of the complex interplay between competitive dynamics, societal and regulatory pressures that goes beyond narrow market or environmental management perspective is needed to explain the prospects and limits of global corporate climate governance.