Environment, Conservation and Wildlife Organizations (U.S. NAICS 813312)

1. Overview

This industry is the organized, mission-driven side of American conservation: the nonprofit groups that protect land, water, air, and wildlife — from The Nature Conservancy buying a ranch, to Ducks Unlimited restoring a marsh, to the Sierra Club suing over a pipeline. In federal statistics it is North American Industry Classification System (NAICS) code 813312, sitting inside the "Social Advocacy Organizations" group of the "Other Services" sector. The core activity is advocacy, science, education, fundraising, and habitat protection — not manufacturing or conventional consumer services [1].

Why would an investor care about a sector made almost entirely of tax-exempt nonprofits? Two reasons. First, this sector is a demand engine for a large web of for-profit businesses — ecological-restoration contractors, environmental engineers, land surveyors, wetland and species "mitigation" bankers, forest-carbon developers, timberland and farmland managers, water-technology firms, and law firms — that sell into it. Second, the sector is a channel for private capital: conservation groups increasingly package their work as green bonds, impact-investment funds, and carbon-credit deals that public and private investors can actually buy.

The important thing to say up front: you cannot buy a share of The Nature Conservancy. There is no equity here, no ticker, no dividend. So this primer treats the organizations themselves as the industry, and reserves the "how do I get exposure" question for Sections 4 and 10 — where the answer runs through adjacent for-profit companies, bonds, and private vehicles rather than any pure-play stock.

2. What it is, and what it excludes

In scope. The Census Bureau defines 813312 as establishments "primarily engaged in promoting the preservation and protection of the environment and wildlife" — clean air and water, climate/global warming, conserving land, water, plant and energy resources, and protecting wildlife and endangered species. These groups typically solicit contributions and sell memberships to fund the cause. Official illustrative examples include conservation advocacy organizations, natural-resource preservation organizations, wildlife-preservation organizations, animal-rights organizations, and humane societies (without animal shelters) [1].

Ownership mix. This is a nonprofit industry, not a corporate one. The supplied federal data give no equity-ownership breakdown, but the 2022 Economic Census classifies the category as tax-exempt, consistent with its nonprofit-heavy structure [3]. Almost every establishment is organized under the U.S. tax code as a 501(c)(3) public charity (donations are tax-deductible; lobbying is limited; partisan campaigning is banned), and many run a paired 501(c)(4) "social welfare" arm that can lobby and campaign more freely (donations there are not deductible). The classic example: the Sierra Club is a 501(c)(4), while its fundraising sibling, the Sierra Club Foundation, is a 501(c)(3) [16]. There are no shareholders and no equity owners; "surplus" is retained as net assets or endowment.

What it explicitly excludes (adjacent codes an investor should not conflate) [1]:

• Government conservation programs — the U.S. Fish and Wildlife Service (FWS), National Park Service, Bureau of Land Management, Environmental Protection Agency (EPA), and state fish-and-wildlife agencies — are not in this industry. Government air/water/solid-waste and ecological-restoration administration sits in NAICS 924110, and other government conservation-program administration in 924120. This matters enormously (Section 3).
• Zoos, aquariums, and botanical gardens (NAICS 712130) and nature parks / preserves (712190) — even though some conservation nonprofits run them. The Wildlife Conservation Society, for instance, operates the Bronx Zoo and the New York Aquarium, straddling this boundary.
• Animal shelters and pet care (812910) — hence the definition's careful phrase "humane societies without animal shelters."
• Environmental consulting and remediation for hire — generally NAICS 541620 and the waste-management/remediation subsector (562) — and law firms doing environmental legal work (Industry Group 5411). These are the for-profit businesses conservation demand flows into (Sections 4 and 10).
• Grantmaking foundations that fund conservation but don't do it (813211/813219), and other advocacy: human-rights (813311), other social advocacy (813319), civic/social organizations (813410).

3. How big it is

Federal business statistics for NAICS 813312 (our ground-truth figures):

So the "employer" side of the industry is roughly 8,300 establishments, 91,000 paid workers, and about $17.4 billion in revenue [2][3]. (The Small Business Administration's $19.5 million size standard is a federal-contracting eligibility threshold, not a measure of the industry's size [4].)

It is fragmented at the bottom, concentrated at the top. The four largest firms account for just 13.5% of receipts, the top 8 for 20.5%, the top 20 for 33.2%, and the top 50 for 43.8%, with a Herfindahl-Hirschman Index (HHI, a standard concentration score where 10,000 is a monopoly) of only 97.4 — a very low, unconcentrated reading [3]. A handful of national brands loom over a long tail of small local groups.

The undercount is real and large — in two directions.

• Volunteer groups vanish from the data. County Business Patterns (CBP) counts only establishments with paid employees; it excludes volunteer-only groups, most non-employer nonprofits, and informal activity [5]. The sector is full of all-volunteer "friends of" groups, watershed associations, and small land trusts with zero staff. The Land Trust Alliance counts roughly 950 member land trusts backed by 250,000 volunteers and 6.3 million members, which had conserved 61 million acres by 2020 — a footprint the payroll data barely registers [7].
• Government is the elephant not in the frame. By dollars and acres, the largest conservation actor in America is the public sector — federal, state, tribal, and local agencies — funded partly by dedicated excise taxes on hunting and fishing gear, the Land and Water Conservation Fund, and multi-billion-dollar farm-bill and Inflation Reduction Act programs (Section 6). None of that is in 813312, because government isn't a "business" [5]. An investor reading only the $17.4 billion receipts figure would badly understate the money and land that "conservation" actually moves.

For scale, total U.S. charitable giving reached $592.5 billion in 2024, and giving to the "environment and animals" cause area rose 7.7% to an all-time-high $21.6 billion [6]. That giving pool (broader than 813312 alone) is the industry's lifeblood.

4. The investable universe

There is no meaningful U.S.-listed pure-play for this code. No stock exchange lists a conservation nonprofit — there is nothing to buy that is one of these organizations. Investors reach the theme two ways: through the large nonprofits themselves (as customers, partners, and bond issuers) and through adjacent for-profit companies that sell environmental services into the same demand.

Largest nonprofit operators

Largest U.S. environment/conservation/wildlife organizations by recent annual revenue:

The National Audubon Society is another top-tier national name (birds and habitat) [17]; a precise, sourced revenue figure is not in our data, so none is claimed here. These organizations compete for donor trust, grants, members, scientific talent, and land access — not for common-stock buyers.

Adjacent for-profit companies (the public-market proxies)

Public-market investors who want the financial exposure buy the companies conservation and environmental compliance create demand for. These are proxies, not pure-plays — their cash flows come from contracts, not donations.

Where a for-profit investor can also get exposure (detailed in Section 10): green/sustainability bonds issued by conservation groups (e.g., The Conservation Fund's $150 million taxable green bond) [26]; private niches these nonprofits create demand for — wetland and endangered-species mitigation banking, forest-carbon developers, restoration contractors, and timberland/farmland managers; and private conservation-finance / impact funds. The nonprofits themselves remain unbuyable.

5. How the money works

Because there are no owners, the right lens is not profit-per-share but the fundraising-and-mission engine. Under section 501(c)(3), earnings cannot benefit private shareholders; any surplus is retained for operations, reserves, endowment, or mission — never paid out as a dividend [18]. Money comes in through, roughly in order of size across the sector:

• Contributions — individual gifts, major-donor and foundation grants, corporate partnerships, and bequests. This is the dominant line for advocacy-heavy groups (EDF, NRDC, Sierra Club).
• Membership dues and events — a recurring, renewable base (Ducks Unlimited, Audubon, National Wildlife Federation).
• Government grants and contracts — federal/state money to actually restore habitat. Ducks Unlimited, for example, reported roughly $177 million of "habitat delivery" revenue from government grants and partnerships in FY2024 — more than half its budget [11]. This is exactly the line most exposed to the 2025–26 funding cuts (Section 7).
• Program-service revenue — increasingly entrepreneurial: conservation-easement stewardship fees, ecotourism, licensing and merchandise, land sales/exchanges, and carbon-credit sales from protected forests. Regularly conducted commercial activity unrelated to the exempt purpose can trigger unrelated business income tax (UBIT) [20].
• Investment and endowment income plus in-kind gifts (donated land, easements, equipment). The biggest groups run large endowments; The Nature Conservancy's reported total support and revenue jumped ~19% in FY2024, lifted partly by markets [8].

IRS Form 990 — the public annual filing every tax-exempt group of size must submit — separates contributions and grants from program-service revenue, investment income, and other revenue [19]. The restricted-vs-unrestricted split is the critical one: a restricted grant can finance a specific habitat, species, or project but generally cannot be redirected to payroll or general operations. Strong headline fundraising can therefore coexist with thin unrestricted liquidity.

What counts as "doing well." The operating metrics an analyst (or a savvy donor) watches are:

• Program-expense ratio — share of spending that reaches the mission versus overhead/fundraising. Ducks Unlimited, for instance, cites ~83% of expenditures going to habitat and conservation education [11]; the sector treats the low-to-mid-80s% as a healthy mark.
• Cost to raise a dollar and donor/member retention — recurring members are the ballast that carries a group through a bad grant year.
• Cost per acre conserved (or per mile of river, per species-recovery outcome) — the closest thing to "unit economics" in conservation.
• Net assets / endowment growth — the nonprofit version of retained earnings; a rising endowment buys independence from any single funder.

Two structural notes. (1) Land is often a balance-sheet asset, not an expense — groups buy, hold, place easements on, and sometimes resell land, so real-estate and easement accounting matters. (2) The paired (c)(3)/(c)(4) structure lets a group take tax-deductible money for education and science while running political and lobbying campaigns through the affiliate.

6. What drives demand

• Public concern and the political cycle. Giving and membership rise with visible environmental threats and, historically, spike when donors feel policy is hostile — the "rage-giving" effect after adverse elections and rollbacks.
• Wealth and markets. Environmental giving hit records in 2024 on the back of a strong stock market and rising household wealth [6]; conservation is a discretionary cause that tracks the economy and asset prices.
• Government co-funding. Federal and state programs multiply private dollars. The Land and Water Conservation Fund (LWCF), permanently funded at $900 million a year by the Great American Outdoors Act, backs federal land acquisition plus state and local conservation and recreation grants [22]. The North American Wetlands Conservation Act (NAWCA) awards competitive matching grants (standard U.S. grants of ~$250,001–$3 million, generally requiring a 1:1 non-federal match) for public-private wetland projects [23]. The Inflation Reduction Act (IRA) directed roughly $19.5 billion over five years to USDA conservation programs [24] — though, like other climate money, its delivery has become policy-sensitive (Section 7). These public budgets are a demand driver as much as private ones.
• Climate and biodiversity salience. Extreme weather, water scarcity, wildfire, and species decline keep the cause in the headlines and expand the mission set (carbon, resilience, environmental justice).
• New revenue markets. Voluntary and compliance carbon markets, wetland/species mitigation banking, and ecosystem-services payments turn conservation outcomes into salable products — a genuine tailwind, tempered by "additionality" credibility questions in carbon markets [26].
• Corporate ESG demand. Companies' environmental, social, and governance (ESG) commitments route sponsorship, offset purchases, and partnership dollars into these groups.

7. Regulation

Conservation organizations are regulated more as nonprofits than as an industry:

• IRS tax-exempt rules govern everything: 501(c)(3) status (deductibility, the substantial-lobbying limit, the ban on partisan campaigning) versus 501(c)(4) (lobbying-heavy, non-deductible), plus Form 990 public disclosure and UBIT on commercial side activities [18][20]. Mismanaging the (c)(3)/(c)(4) line is the sector's core compliance risk.
• State charity regulators and attorneys general oversee fiduciary conduct, and most states require registration before a charity solicits their residents for donations [21].
• Environmental statutes are the sector's tools, not its burden: the National Environmental Policy Act (NEPA) forces federal agencies to assess environmental effects of major actions; the Endangered Species Act (ESA) protects listed species and critical habitat; the Clean Water Act (CWA) and Clean Air Act govern discharges and emissions [25]. These laws give conservation groups standing to litigate, so their strength directly shapes the sector's leverage — and the same permitting regimes create the compliance demand behind mitigation banking and restoration contracting.
• Conservation-easement tax rules matter for land trusts; the IRS has aggressively policed abusive "syndicated" easement deductions, and Congress curbed them in recent law.

The 2025–26 shock. The single biggest current variable is federal funding policy. In 2025 the new administration moved to cancel or freeze roughly $29 billion in climate and environment grants, according to a September 2025 tally [27] — including the EPA's ~$20 billion Greenhouse Gas Reduction Fund (GGRF) awards to nonprofit intermediaries [28] and hundreds of environmental-justice grants. Coalitions of nonprofits sued; in June 2026 a federal judge found EPA's wholesale termination of the Environmental and Climate Justice program "arbitrary and capricious and unlawful," while declining to force an immediate restart [29]. For groups leaning on government grants, this is a material, ongoing revenue risk — and the litigation, not the appropriations, will likely decide how much of that money actually flows.

8. Competitive dynamics and consolidation

"Competition" in a donation-funded industry is competition for attention, donors, and grant dollars, not for market share in the usual sense. Dynamics:

• A barbell market. A few national brands with billion- and hundred-million-dollar budgets (Section 4) sit atop thousands of small, local, often volunteer groups [2][7]. The federal concentration data confirm it — very low HHI, top-4 share of only 13.5% [3].
• Brand and trust are the moat. Donor confidence (charity-watchdog ratings, program-expense ratios, transparency, scientific credibility) is the durable competitive asset; a scandal or a bloated overhead ratio moves money faster than in most industries.
• Consolidation is quiet but real. It happens through mergers of local land trusts, national groups absorbing regional chapters, and coalition-building (shared litigation, joint campaigns) rather than M&A for profit. The Land Trust Alliance's accreditation program has pushed smaller trusts to merge or professionalize [7]. Scale does not automatically create pricing power, so the core segment lacks classic roll-up economics.
• Big-vs-pragmatic tension. Market-friendly groups (EDF, TNC, Conservation International — carbon deals, corporate partnerships, impact finance) increasingly overlap and sometimes clash with confrontational advocacy groups (Sierra Club, NRDC — litigation, protest) for the same donor base.
• The for-profit adjacency consolidates differently. Environmental-service companies (Section 4) own treatment facilities, engineering platforms, permits, and contracts — assets that do support private-equity roll-ups and acquisitions, which is where traditional consolidation economics live.

9. Risks

• Funding concentration and political whiplash. Groups dependent on federal grants face abrupt cancellations (Section 7) [27][28][29]; groups dependent on a few mega-donors face key-donor risk.
• Donation cyclicality. Giving tracks markets and the economy; a recession or market drawdown hits both contributions and endowment income at once [6].
• Restriction risk. Strong headline fundraising can mask weak unrestricted liquidity when the money arrives tied to specific projects.
• Reputational fragility. Overhead scandals, greenwashing accusations, weak impact measurement, or carbon-credit-quality controversies can collapse donor trust quickly.
• Carbon-market / measurement credibility. Biodiversity, carbon, water, and habitat outcomes are hard to verify; the voluntary carbon market's persistent "additionality" doubts could impair the value of nature-based credits [26].
• Execution and land-stewardship liability. Owning and holding land (and perpetual easements) creates long-tail obligations — monitoring, easement defense, environmental liability — and projects face permitting delays, land-title issues, and matching-fund gaps.
• Polarization and (c)(3)/(c)(4) compliance. Environmental causes are politically charged; a group that leans hard into advocacy can alienate donors and invite scrutiny of its tax-exempt activities.
• Mission-vs-money strain. As groups pursue corporate partnerships and impact deals, they risk conflicts between commercial partners and conservation goals.
• Commercial risk (adjacent public names). Tetra Tech, AECOM, Stantec, Waste Management, and Clean Harbors face labor inflation, capital intensity, environmental liabilities, government-budget exposure, and acquisition-integration risk — a different risk set from the nonprofits.

10. How to invest, and the outlook

There is no direct public-equity play — you cannot own a conservation nonprofit. Exposure to the theme comes through adjacent, investable channels.

Public-market routes.

• Environmental-service equities. A diversified basket of consulting/engineering, remediation, waste, recycling, and water companies — Tetra Tech (TTEK), AECOM (ACM), Stantec (STN), Waste Management (WM), Clean Harbors (CLH) — gives the most direct financial exposure to the demand conservation and environmental compliance create [30][31][32][33][34]. Judge each on backlog, billable utilization, contract mix, government exposure, margins, capital needs, and environmental liabilities — not on donations.
• Green and sustainability bonds. Conservation groups and public agencies issue fixed-income earmarked for land, water, and biodiversity projects; The Conservation Fund's $150 million taxable green bond is a template [26]. Municipal "conservation" and water bonds are the deeper, more liquid version.
• Thematic ESG/clean-economy ETFs (exchange-traded funds) and green-bond funds give diversified but indirect exposure — note they hold clean-energy and ESG companies, not conservation organizations, so the fit is loose.
• Land and natural-resource proxies — timberland and farmland real-estate investment trusts (REITs) and water-focused funds — capture the "natural capital" that conservation demand supports.

Private routes (often the better fit).

• Conservation-finance and impact funds — vehicles that finance sustainable forestry, easements, and ecosystem restoration for a modest return plus impact; The Nature Conservancy's own impact-investing unit is emblematic [26].
• Mitigation banking — the closest thing to a for-profit business here: firms that create wetland or endangered-species "credits" and sell them to developers who must offset impacts under the Clean Water Act and Endangered Species Act. A real, cash-flowing private industry riding conservation regulation.
• Forest-carbon and ecosystem-services developers — private companies generating and selling carbon and biodiversity credits (higher risk, tied to carbon-market credibility) [26].
• Philanthropic "investment" — for most participants the honest route is a donation, donor-advised fund, or private foundation, where the "return" is impact and a tax deduction, not cash.

Near-term outlook (forward-looking judgment). The demand backdrop is structurally strong: environmental giving is at record highs [6], corporate ESG and carbon-offset buyers keep expanding the revenue base, and 61-million-plus acres of privately conserved land create durable stewardship demand [7]. The dominant near-term swing factor is federal policy: the 2025–26 freeze and cancellation of tens of billions in climate/environment grants is squeezing government-dependent groups and will be settled in court over the next year or two [27][28][29]. Expect the big diversified brands (large endowments, broad donor bases, market-based revenue) to weather it, the grant-dependent middle to feel real pain, and private conservation finance — carbon, mitigation banking, impact funds — to keep growing as nonprofits push to replace uncertain public money with market dollars. Funding will stay lumpy and policy-sensitive; the most attractive risk-adjusted public exposure is likely to sit in the businesses that monetize compliance, water scarcity, remediation, and waste recovery. For an investor, the money is not in the organizations; it is in the for-profit plumbing and the capital instruments that conservation increasingly runs on.

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Sources

1. U.S. Census Bureau, 2022 North American Industry Classification System Manual — NAICS 813312 definition, illustrative examples, and cross-references/exclusions. https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf
2. U.S. Census Bureau, County Business Patterns, NAICS 813312 (establishments, employment, annual payroll, first-quarter payroll), 2023 (Histometrics ingested federal statistics). https://data.census.gov/
3. U.S. Census Bureau, Economic Census — Comparative Statistics / Concentration of Largest Firms, NAICS 813312 (firms, receipts, CR4/CR8/CR20/CR50, HHI, tax-exempt status), 2022 (Histometrics ingested federal statistics). https://data.census.gov/table/ECNSIZE2022.EC2200SIZECONCEN?codeset=naics~813312
4. U.S. Small Business Administration, Table of Size Standards, NAICS 813312, 2023 (Histometrics ingested federal statistics). https://www.sba.gov/document/support-table-size-standards
5. U.S. Census Bureau, "County Business Patterns: Coverage and Methodology" (employer-only coverage; exclusion of government and volunteer-only activity). https://www.census.gov/programs-surveys/cbp/technical-documentation/methodology.html
6. Giving USA Foundation / Indiana University Lilly Family School of Philanthropy, "Giving USA 2025: U.S. charitable giving grew to $592.50 billion in 2024," 2025. https://givingusa.org/giving-usa-2025-u-s-charitable-giving-grew-to-592-50-billion-in-2024-lifted-by-stock-market-gains/
7. Land Trust Alliance, "61 Million Acres Voluntarily Conserved in America — 2020 National Land Trust Census," 2022. https://landtrustalliance.org/newsroom/press-releases/61-million-acres-voluntarily-conserved-in-america-2020-national-land-trust-census-report-reveals
8. The Nature Conservancy, "2024 Annual Report" and FY24 Consolidated Audited Financial Statements, 2025. https://www.nature.org/en-us/about-us/who-we-are/accountability/annual-report/2024-annual-report/
9. World Wildlife Fund, Inc., "Financial Information" and FY2024 Consolidated Financial Statements, 2024. https://www.worldwildlife.org/about/financials/
10. Wildlife Conservation Society and Subsidiaries, Audited Financial Statements (FY ended June 30, 2024), 2024. https://www.wcs.org/about-us/financials
11. Ducks Unlimited, "2024 Annual Report" and DU Financial Information 2024, 2024–2025. https://www.ducks.org/conservation/national/ducks-unlimiteds-2024-annual-report
12. Environmental Defense Fund, "Our finances" / Form 990 (FY2024), 2024–2025. https://www.edf.org/finances
13. Conservation International Foundation, "Financials" (FY2024), 2024. https://www.conservation.org/about/financials
14. Natural Resources Defense Council, Consolidated Financial Statements / ProPublica Nonprofit Explorer (FY2024), 2024–2025. https://projects.propublica.org/nonprofits/organizations/132654926
15. National Wildlife Federation, "FY2024 Annual Report — Financial Overview," 2024. https://www.nwf.org/-/media/Documents/PDFs/Annual-Reports/FY-2024-Annual-Report-Financial-Overview.pdf
16. The Sierra Club Foundation, "2024 Financials" / Audited Financial Statements (Dec. 31, 2024), 2025. https://www.sierraclubfoundation.org/2024-annual-report-cultivating-community-lasting-change
17. National Audubon Society, "About Us," 2026. https://www.audubon.org/about
18. Internal Revenue Service, "Exemption Requirements — 501(c)(3) Organizations" (exempt-purpose, private-benefit, lobbying, and campaign rules). https://www.irs.gov/charities-non-profits/charitable-organizations/exemption-requirements-501c3-organizations
19. Internal Revenue Service, "Instructions for Form 990" (revenue-line reporting). https://www.irs.gov/instructions/i990
20. Internal Revenue Service, "Unrelated Business Income Tax." https://www.irs.gov/charities-non-profits/unrelated-business-income-tax
21. Internal Revenue Service, "Charitable Solicitation — State Requirements." https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-solicitation-state-requirements
22. U.S. Department of the Interior, "Great American Outdoors Act" / Land and Water Conservation Fund ($900M/yr permanent funding), 2020. https://www.doi.gov/ocl/great-american-outdoors-act
23. U.S. Fish and Wildlife Service, "North American Wetlands Conservation Act" (grant ranges and match requirements). https://www.fws.gov/program/north-american-wetlands-conservation
24. U.S. Department of Agriculture, Natural Resources Conservation Service, "Inflation Reduction Act" ($19.5B over five years for conservation programs), 2025. https://www.nrcs.usda.gov/about/priorities/inflation-reduction-act
25. U.S. Environmental Protection Agency, "Laws and Regulations" — summaries of NEPA, the Endangered Species Act, and the Clean Water Act. https://www.epa.gov/laws-regulations
26. Green Finance Institute / The Conservation Fund, "Conservation Fund Green Bonds" ($150M land-conservation green bond); and The Nature Conservancy, "Impact Investing, Finance and Markets," 2019–2024. https://hive.greenfinanceinstitute.com/gfihive/revenues-for-nature/case-studies/conservation-fund-green-bonds/
27. Inside Climate News, "New Map Shows $29 Billion in Climate and Environment Grants Canceled or Frozen by Trump," September 2025. https://insideclimatenews.org/news/17092025/trump-stops-29-billion-in-grants-for-environment-climate-renewable-energy/
28. Shelterforce, "EPA Terminates Already-Awarded Climate Funding" (Greenhouse Gas Reduction Fund), March 2025. https://shelterforce.org/2025/03/14/epa-terminates-already-awarded-climate-funding/
29. Earthjustice, "Nonprofits, Tribes and Local Governments Sue Trump Administration for Terminating EPA Grant Programs" (and June 2026 ruling on the Environmental and Climate Justice program), 2025–2026. https://earthjustice.org/press/2025/nonprofits-tribes-and-local-governments-sue-trump-administration-for-terminating-epa-grant-programs
30. Tetra Tech, Inc., "Annual Reports" (investor relations), 2024. https://investor.tetratech.com/financials/annual-reports/default.aspx
31. AECOM, "Annual Report 2024," 2024. https://aecom.com/annual-report-2024/
32. Stantec Inc., "Annual Reporting" (investor relations), 2024. https://investors.stantec.com/financials/annual-reports
33. Waste Management, Inc. (WM), "2024 Annual Report," 2024. https://investors.wm.com/
34. Clean Harbors, Inc., "2024 Annual Report," 2024. https://ir.cleanharbors.com/