Impact of Climate Change on Businesses and Strategies to Reduce Carbon Footprint

This report analyzes the impact of climate change on businesses and the strategies that can be implemented to reduce carbon footprint. It discusses the risks associated with extreme weather, changes in resource availability and cost, harsher working conditions, changing demand, and regulations. The report also suggests steps that businesses can take to reduce their carbon footprint, such as recycling, investing in electric transportation and solar energy, planting trees, and avoiding single-use plastics.

Individual Report

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Evaluation of climate change could be problematic for businesses:...........................................3
There are some steps that business can implement to reduce carbon footprint:..........................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Climate change refers to the long term changes in the environmental condition that
happen over a period. It is caused by speedily increasing of green house gases in earth's
atmosphere due to primarily to burning non-renewable energies like coal and natural gas. These
gases are heating the earth and the oceans consequent in falling sea levels, changes in
atmospheric phenomenon patterns and changes in rainfall. Impact on business that is shifting in
demand, changing regulations and worsen the company's working conditions. This report shows
the conditions due to climate change and how many businesses are affected by these changes.
Further, it analyses the strategies which are related to reducing the carbon footprint.
MAIN BODY
Evaluation of climate change could be problematic for businesses:
Climate change is not just an environmental issue, it is already starting to have an impact
on the businesses around the world. Some important ways in which climate change will affects
business, with some suitable examples are:
 Increased risk due to extreme weather- Severe weather is primary reason for climate
change, due to these risks could increase for businesses. Like, storms, floods, drought
and heat waves. These events cut off the operations of business and cause them extreme
financial and physical damage (Daddi and et.al., 2018). For example, Kier Groups it is a
construction company, which is affected by this natural hazards. Because of climate
change risks can increases, insurance policy costs for many companies will rises.
 Change in resource availability and cost- Due to the climate change, supply chains
getting the resources and materials for businesses are going to be more challenging.
Rising electricity and transportation disbursement may also increase the price of moving
goods. For example, LyondellBasell is a multinational chemical company which
produces ethylene and oxyfuels. Resources insufficiency could cause this company to
use alternative materials and recycle more waste.
 Harsher working conditions- By the constant change in climate if the temperatures
rises and weather patterns change, working conditions may become harsher (Fenner and
et.al., 2018). For example, Kier Groups this business always requires a physical labors
especially for outside, that becomes more challenging for the Kier groups. This can
increase the health and safety risks.

 Changing in demand- As climate changes, some companies has seen the demand shifts,
global temperature rises and demand for oil will decline. For example, Forties Oilfield
second largest oil field in UK. By shifting in demands most of the companies are
affected and Forties Oilfield in one of them. Demand for oil is completely dissimilar
from the demand for other goods and services.
 Changing regulations- By changing in regulation act many companies are affected. For
example, Liberty Global Plc, it is an international broadband company which is highly
affected by the climate changes (Gössling, Scott and Hall, 2020). It has a prospective cap
and greenhouse programs that could also have a significant impact on economy.
Depending on how this Liberty Global Plc handles material, a cap and greenhouse
program could be either a disbursement or a root of extra income for them.
There are some steps that business can implement to reduce carbon footprint:
 Recycling- Companies can reduce their carbon footprint by recycled the waste. As with
usage, using recycled materials can help the business to help the betterment of the earth's
resources. Plainly by using recycled goods, the companies can sets the precaution for the
natural habitats of the country's wildlife and can reduce the carbon footprint.
 Changing environment- Companies believe on energy to manufacture their products,
they are working to their part to reduce their carbon footprints and processing the
solutions that will advance a carbon-free economy (Müller and et.al., 2020). For
example- LynodellBasell is addressing the climate that is dynamic, because of increasing
greenhouse gas ejection.
 Electric transportation- By investing or switching to hybrid or fully electric vehicles for
the company. Car manufactures can make the huge investments into developing their
electric models. By investing in electric vehicle chances of pollution reduces and helps
in offset the carbon footprint.
 Solar energy- By investing in the solar energy and green office equipments can be other
great way to reduce any company's carbon footprint (Rolnick and et.al., 2022).
Businesses can invest in their own renewable energy sources and solar panels are the
great option.
 Planting trees- It is a great way to offset the company's emissions. Trees can absorbs
carbon dioxide and planting a tree is also fast, low-budgeted and direct action. For

example- Kier Group started their campaign of growing more and more trees in
surrounding of their business area. A large tree can absorb big amount of carbon dioxide
and exhales sufficient oxygen. By growing tree by tree, they can enlarge the green over
on earth. It makes a significant impact on planet's health and also helps to reduce the
carbon footprint for the company.
 Used furniture- Buying the used furniture helps in fitter for planet. As already
mentioned reusing and utilisation of goods avoids contributing towards further
consumption of natural resources like woods. Buying sustainably sourced or recycled
office furniture such as bamboo desks, it is also a good way of reducing the carbon
footprint.
 Avoiding physical interactions- By collaborating with others online, it is via sharing
documents or video conferencing instead of movement it can reduce the waste and
emissions (Yang and et.al., 2020). Company can also try to move away from printed
written document, where possible and support others to work on digital.
 Plastic pollution- By eliminating single use plastic, company can reduce its carbon
footprint. Almost all plastics are made of non-renewable fuel source and purifying those
fuels into plastics is a demanding process that is operate global emissions. For example,
Mc Donald's this company started avoiding the plastics. They started using paper bags
instead of this. Throwing plastic can harm the oceans also, not only does pollution
directly impact marine life. It initiates kg s of carbon dioxide every year.
CONCLUSION
From this report, it can be concluded that climate change can easily affect the businesses.
This change increases the risk for businesses with the severe weather conditions like drought and
storms. Due to this, the companies had faces a financial and physical damages. After the
climate change situation occurs companies should have implemented the step that can be electric
transportation. With the help of solar energy, companies can create the safe environment as well.
Businesses can made a huge investment in developing the new electric transports. For better
environment companies are starting the campaign by planting trees and avoiding the plastic uses,
which can help them in reduces the carbon footprint.

REFERENCES
Books and Journals
Daddi, T. and et.al., 2018. A systematic review of the use of organization and management
theories in climate change studies. Business Strategy and the Environment. 27(4).
pp.456-474.
Fenner, A.E. and et.al., 2018. The carbon footprint of buildings: A review of methodologies and
applications. Renewable and Sustainable Energy Reviews. 94. pp.1142-1152.
Gössling, S., Scott, D. and Hall, C.M., 2020. Pandemics, tourism and global change: a rapid
assessment of COVID-19. Journal of sustainable tourism. 29(1). pp.1-20.
Müller, L.J. and et.al., 2020. The carbon footprint of the carbon feedstock CO 2. Energy &
Environmental Science. 13(9). pp.2979-2992.
Rolnick, D. and et.al., 2022. Tackling climate change with machine learning. ACM Computing
Surveys (CSUR). 55(2). pp.1-96.
Yang, Y. and et.al., 2020. Mapping global carbon footprint in China. Nature
communications. 11(1). pp.1-8.