Inderscience Publishers

Impact of climate change issues on businesses: an action plan using a corporate governance approach

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Courtesy of Inderscience Publishers

Business globally are readying themselves for wide-ranging impacts as they transition towards a low-carbon footprint economy. This paper discusses the major impacts for the firm due to the move to a low-carbon footprint system. In doing so it highlights the crucial link between opportunities, costs, risks and structural changes faced by firms, and presents a framework for managing the complex, multi-pronged impacts. The paper provides a conceptual model that will assist decision-makers to deal with risk management or bottom-line protection issues as well as exploiting the business opportunity the new regulatory environment will produce. The model argues for a holistic corporate governance mechanism, with responsibility and accountability of climate change risk management placed with the board of directors and senior management.

Keywords: climate change; low-carbon footprint; low-carbon economy; corporate governance; environmental impact; conceptual models; risk management; bottom-line protection; business opportunity; responsibility; accountability.

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