Individual Report: Climate Change's Impact on Businesses and Solutions

This report delves into the multifaceted impact of climate change on businesses, highlighting how extreme weather events, resource scarcity, and shifting consumer demands pose significant challenges. It examines the disruption of supply chains, increased operational costs, and the need for businesses to adapt to evolving regulations and public pressure for sustainability. The report also offers practical strategies for businesses to mitigate their carbon footprint, including recycling, using recycled resources, partnering with sustainable suppliers, adopting hybrid vehicles, implementing virtual meetings, utilizing public transportation, investing in green energy, offsetting carbon emissions, planting trees, and engaging with employees and customers. The conclusion emphasizes the need for businesses to consider physical, transitional, and liability risks associated with climate change and to proactively prepare for a more sustainable future. The report provides valuable insights into the challenges and opportunities presented by climate change for businesses across various industries.

INDIVIDUAL REPORT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Impact of climatic change on the businesses...............................................................................3
Steps businesses can implement to reduce their carbon footprint...............................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
As the warming planet is developing increased range of the risks for the business
organisations when the supply chain are being getting disturbed to the increasing costs of the
insurance to the challenges of the labour. The climatic change and the weather conditions that are
extreme such as the floods, fires and the hurricanes create a direct influence on all the economic
factors across the world which accounts to around 70%. The climatic change means the changes
that occur for the long run in the climate that happens over centuries or decades or much longer
than that. This kind of the climatic change is generally caused by the increase in the greenhouse
gases in the air of the Earth mainly due to the burning of the fossil fuels. This report will discuss
the impact of the climatic change on the businesses and the necessary steps that the business can
implement to reduce their carbon footprints.
MAIN BODY
Impact of climatic change on the businesses
Increased risk because of extreme weather
The climatic change and the frequency along with the extreme weather conditions such as floods,
storms, heat waves and the droughts are linked or connected with each other. There will be more
weather events like this in the future which will disrupt the working of the businesses.
Changes in cost and resource availability
The extreme weather conditions can disturb the working of the supply chain making from
acquiring the resources and also create a hindrance in the business from getting the materials.
Shortage of the crops for the making of the food, apparel and other goods is caused by the
extreme weather conditions. The increasing electricity and the expenses of the transportation can
also lead to the rising of the cost of the moving goods.
Changing demand
Demand will be affected as the changes in the climate take place. When the temperature across
the globe rises then the demand for the heating oil will decrease like the demand for the other
winter products. Majority of the customer are giving priority to the sustainable products as they
are becoming more environmentally conscious.
Extreme weather conditions
When the temperature increases and the weather conditions changes then the working conditions
in some of the companies become more hectic. The employment which need more physical

labour mainly in the outdoors will also become more hectic and the safety and the health related
issues in these sectors will increase. This will also lead to the rising costs in these industries
(Gill, 2020).
Modifying regulations
The laws and the policies which are made for the prevention of the pollution will also create an
important influence on the businesses. The firms which emit high level of the polluted gases
need to invest in the substantial funding for improving their facilities for the reduction, capturing
and avoiding them. The energy companies which are operating to convert their power
generations into the cleaner resources.
Increased pressure from public
The consumers are particularly looking for those products which are sustainable and create very
less environment impact as compared to the other products and these companies are also
expected to follow their social ethics (Andersson and Keskitalo, 2018).
Steps businesses can implement to reduce their carbon footprint.
Recycle
It is one of the easiest way in the reduction of the carbon footprint of the organisation by doing
this the use of the raw materials can also be reduces which are used in making the goods from
the scratch.
Using recycled resources
Using the recycled resources can assist in reducing the deforestation and protect the natural
habitats of the environment by doing this the carbon footprints and the wildlife of the nation can
also be preserved (Hausfather and Peters, 2020).
Using sustainable suppliers
The business should only work with those suppliers who are aware of the environment
commitments and also follow the corporate social responsibility. The organisations must use the
carbon neutral certified suppliers as much as possible.
Converting into hybrid and fleet vehicles
Many affordable models are being invented that imply to the sustainable environment so the
organisations need to shift in adapting to these kind of the environment friendly vehicles (Dube
and Nhamo, 2020).
Implying online meetings and online events

Rather than travelling for the long distances for the face to face meetings the organisation must
conduct the meetings through the virtual mode with the help of skype, zoom, teams, slack and
even Facebook rooms which will also reduce the expenses of the travelling and will also lead to
the reduction in the travel emissions of the organisation.
Using public transportation
For the reduction in the carbon emissions, the organisations must use the public transport or they
can even share the vehicles or cars for the business related trips. They can also use the public
transportation such as buses.
Investing in green energy
It is another useful way for the reduction in the carbon footprints or the businesses can also
invest in the sources of the renewable energy.
Begin offsetting carbon
The organisation can even become carbon neutral and balance their greenhouse gass emitants.
Planting trees
Plantation of the trees is an easy way in managing and is also proven out to be very useful for the
environment (Murniati, 2020).
Talking to the employees and customer
Spreading awareness among the employees and the customer of the organisation about the
environment and inviting them to provide the suggestions related to the climatic conditions.

CONCLUSION
From the above report, it has been discussed the impact of the climatic change on the
businesses and the necessary steps that the business can implement to reduce their carbon
footprints. The impacts of the climate changes can be easily seen across multiple industries. The
business leaders are very much concerned and aware about those risks and then accordingly
these managers prepare for the better sustainable future. Almost all the industries are being
aware of the negative influence of the climatic change which could be in a direct or in a indirect
way. Most of the companies are worried and concerned about the legal and the regulatory needs
while others are more concerned about the loss of the assets from the damage done in physical
manner. But the companies need to take in consideration all the three kinds of the risks into
consideration which are the physical, transitional and the liability risks.

REFERENCES
Books and Journals
Andersson, E. and Keskitalo, E.C.H., 2018. Adaptation to climate change? Why business-as-
usual remains the logical choice in Swedish forestry. Global Environmental Change, 48,
pp.76-85.
Dube, K. and Nhamo, G., 2020. Tourism business operators’ perceptions, knowledge and
attitudes towards climate change at Victoria Falls. TD: The Journal for
Transdisciplinary Research in Southern Africa.16(1).pp.1-10.
Gill, M.J., 2020. High flying business schools: Working together to address the impact of
management education and research on climate change. Journal of Management
Studies.58(2). pp.554-561.
Hausfather, Z. and Peters, G.P., 2020. Emissions–the ‘business as usual’story is misleading.
Murniati, K., 2020. The impact of climate change on the household food security of upland rice
farmers in Sidomulyo, Lampung Province, Indonesia. Biodiversitas Journal of
Biological Diversity.21(8).