97% of scientists believe climate change is happening.
It’s rare for there to be such consensus with a particular issue. But with ice caps rapidly melting, water levels rising, ocean temperatures increasing, reduced snow cover, and so on, the evidence is there for all to see.
By all accounts, a climate catastrophe is just around the corner. It isn’t too late though. As Barack Obama put it, “we are the first generation to feel the effects of climate change, and the last generation who can do something about it”.
People have started to pay attention. Combatting climate change is now (for most countries) an international priority.
The effects of climate change will be felt by all. Businesses, in particular, have a responsibility and need to change their operations. To remain profitable, adhere to CO2 restrictions, and become environmentally savvy, certain changes must be made.
But how can they do it?
Keep reading to discover how businesses are rising to the challenge and adapting to climate change today.
- 1 1. Creating a Climate Strategy
- 2 2. Gathering Data
- 3 3. Assessing the Potential for Damage
- 4 4. Instill a Culture Oriented Around Climate Change
- 5 5. Seek Input in Climate Policy
- 6 6. Invest in Technology
- 7 7. Hedge Against Rising Prices of Fossil-Fuels
- 8 8. Working with External Stakeholders
- 9 Businesses Are Adapting to Climate Change
1. Creating a Climate Strategy
All businesses need a plan if they’re going to succeed.
The same goes for navigating the climate issue. Businesses must (and are beginning to) take the time to look ahead to the potential risks and create a plan for how to overcome them.
For example, how will consumer demand be impacted? How will the price of resources change? And so on. Consider the challenges in advance in order to avoid unexpected negative implications. A business will also get a head start on developing the technology to help.
Likewise, a strategy helps companies realize where they can cut down on emissions to meet targets set by the government.
2. Gathering Data
Knowing the current state of affairs helps to create a realistic plan of action.
To adapt to climate change, it’s important to know how you currently fare. Tracking current emissions is essential. After all, businesses must know how much they need to cut down by in order to adhere to policy requirements.
Similarly, governments won’t take your word for it. Policy changes may demand frequent progress reports to establish how you’re getting on.
3. Assessing the Potential for Damage
We’ve just mentioned the need to consider the risks to the business.
However, there are certain physical dangers that deserve particular mention. It’s crucial that companies work to mitigate the threats to their physical premises around the world.
Indeed, there have been numerous cases of environmental catastrophe incapacitating factories and companies over the globe. As extreme weather conditions continue to occur, necessary steps must be taken to safeguard against them.
4. Instill a Culture Oriented Around Climate Change
Many businesses have been forced to recognize the new state of affairs.
Everyone, including the workforce, needs to buy into the changes in order for them to take hold. That’s where encouraging and cultivating a climate change culture comes in handy.
It’s no good bemoaning the situation. Instead, proactive steps, such as figuring out the necessary financial processes, are required.
5. Seek Input in Climate Policy
It’s one thing to have new environmental policies fed to you from above.
It’s an entirely different one to have a say in matters. This is about getting a seat at the table and being involved in decision making at regional and national levels.
This has multiple advantages for business. Firstly, you’re at the heart of negotiations, which means you learn first exactly what needs to be done. Secondly, a business can directly impact the policy they’ll need to abide by.
6. Invest in Technology
Technology can be a major asset in coping with climate change.
Consider how new and innovative tech solutions can solve the problems your business faces. For example, to cope with the threat of coastal flooding, specially made seeds have been created in Bangladesh that can continue to grow in salty water.
This is a prime example of technology solving a climate-related issue. But it also demonstrates how climate change could actually contribute to novel business ideas and start-ups.
Unsure where to start? Numerous consulting firms have been established specifically oriented around clean tech creation. They can help you in areas such as energy conservation, recycling, solar power, and renewable energy sources. Be sure to learn more about this.
7. Hedge Against Rising Prices of Fossil-Fuels
Many companies are expecting the availability of resources to dwindle and the price of what’s remaining to rise as a result.
That’s why they’ve begun to hedge their bets against it. Large companies, such as IKEA and Volkswagen, have begun investing heavily in renewable energy to power their factories. It’s short term pain for long term gain.
The investment now will ensure they have total control of their power in times of economic downturns, or environmental disaster. Fuel prices may fluctuate, but that won’t be their concern.
8. Working with External Stakeholders
Adapting to climate change requires businesses to work with outside influencers.
External relationships must be cultivated with individuals from all areas of expertise. To put it extremely lightly, sufficient adaptation of a global system, built-upon carbon-heavy, fossil-fuel reliant practices, is a major task.
The only way to succeed, and ensure the longevity of a business, is to work together. Companies and organizations would do well to begin forging alliances across industries. Science, technology, climate, investing, community and governmental agencies must all collaborate.
Businesses Are Adapting to Climate Change
There you have it: 8 key ways businesses are adapting to climate change.
Despite what some people say, climate change is real and its impact is already being felt around the world. Everyone from individuals to private companies has to step up and adapt.
To remain prosperous and viable in an age of global warming, businesses must begin to adapt their systems and operations. Hopefully, this piece has highlighted some key approaches to educate further businesses on how they can adapt too.
Did you find value in this piece? Want more environmentally-related information? Click here to read all about renewable energy projects happening now.