Against the backdrop of the ongoing advancement of the "Dual Carbon" goals and the construction of an ecological civilization

waste-to-energy incineration has become the mainstream technological approach for the harmless

reduced-volume

and resource-efficient disposal of municipal solid waste in China. Faced with the combined pressures of the phase-out of national renewable energy feed-in tariffs

stricter environmental standards for ultra-low emissions

tightening local regulations

and regional overcapacity

the industry has shifted comprehensively from a policy-driven phase of scale expansion to a stage of high-quality development characterized by marketization

refinement

and comprehensive energy services. Using Tianjin Gaoneng Environmental Protection Energy Co.

Ltd. as a case study

this paper integrates policy transmission

dynamic capabilities theory

and ESG principles to analyze the dual squeeze effect of "declining revenue and rising costs" caused by the phase-out of national subsidies and stricter environmental standards. It also examines the company's transformation practices

including the co-disposal of solid waste

combined heat and power (CHP)

and intelligent upgrades. The study indicates that the traditional profit model reliant on subsidies and single-source power generation is no longer sustainable; a diversified revenue structure and comprehensive energy services are key to breaking this deadlock. ESG principles can guide enterprises in balancing environmental compliance

social responsibility

and operational resilience

thereby achieving a strategic transition from "policy-driven support" to "self-sustaining growth." This research provides empirical references for the transformation of similar waste-to-energy enterprises

the high-quality development of the industry

and the optimization of government policies.