Climate Change is Transforming the Business World: Here’s How
As the climate change crisis continues to worsen, companies and organizations are becoming increasingly aware that changing the way they do business is the only hope for the survival of the business and planet. While the crisis may initially appear as a bringer of doom, it is far more than a black-and-white issue.
Climate change brings forth various impacts on companies and organizations which present both pros and cons. On one hand, it may pose a formidable threat to business, creating a new set of risks for operations. Aside from the physical risks caused by natural disasters, companies are faced with transition risks as a result of society’s response to climate change. From shifts in technologies to effects on asset values, unprepared businesses may struggle to maintain their footing during such a crisis.
Moreover, companies may encounter another potential liability in their greenhouse gas (GHG) emissions. In recent years, fossil fuel firms and utilities have been under fire for their contribution to the harmful effects of climate change with a growing number of legal cases filed against them.
Despite these drawbacks, climate change also presents multiple business prospects. Climate change has the potential to promote innovation, leading to new goods and services that are less carbon-intensive or enable others to reduce carbon emissions. Companies may strive to increase resource productivity and lower expenses by boosting energy efficiency. Additionally, companies may improve the resilience of their supply chains by transitioning away from price-volatile fossil fuels and toward renewable energy. By combining these actions, businesses can foster competitiveness and unveil new market opportunities.
On a final note, while climate change does offer opportunities to those who possess the skills to effectively utilise its effects, it remains a crisis that we must work towards solving. Businesses are constantly striving to meet the expectations of stakeholders, but in this case, there is no greater stakeholder than the planet. Hence, finding more sustainable ways of doing business is crucial to restoring and preserving the planet for the generations to come.
Become A Carbon Champion
As more organizations are joining the race to achieve net-zero carbon emissions in a mission to combat climate change, they are beginning to realize the significance in furthering their decarbonization plans through authentication.
Enterprise Asia’s Carbon Champion Program is an independent, third-party endorsement and authentication of low decarbonization efforts of organizations globally. The program covers energy and emission reduction, environmental harm reduction, carbon pricing and financing and climate change support.
Through this independent endorsement and authentication, organizations will be better able to better able to plan their innovation and investments into low carbon programs, fast track their growth into the circular economy, build strong, bold partnerships with other Carbon Champions, and actively position themselves to customers, shareholders, investors and their local community as a key participant in the global climate change initiative.
Get certified and become a Carbon Champion at www.carbonchampion.org