3 ways business can take action in the fight against climate change

3 ways business can take action in the fight against climate change

A plan for addressing climate change

A key component of the fight against climate change is adaptation. Protecting people from the already occurring climate change is essential, and it also presents enormous opportunity to support the transition of 7.8 billion people to a more sustainable and secure way of life. 

As we work to create a world that is robust to climate change, adaptation will encourage the growth of sectors like water conservation, infrastructure that can withstand extreme heat, and agriculture that can withstand drought.

Adaptation benefits businesses. It can assist businesses in growing their market reach, enhancing long-term sustainability, and achieving efficiency improvements.

Three areas in which business can take action have been defined by a worldwide community from the corporate and public sectors:

1.Enhance Resilience:

Companies should evaluate their exposure to climate threats and develop adequate resilience. Companies should analyse the risks in their supply networks, identifying risk hotspots, prioritising areas for adaptation, and providing supply chain stakeholders with the technical know-how and financial assistance they require to adapt. For instance, a major conglomerate discovered hundreds of millions of dollars in possible climate-related risks in its supply chain, while a huge retailer discovered dozens of its locations at risk of extreme weather, allowing both businesses to take steps to increase resilience. Other businesses are working to increase resilience by creating or utilising things like meteorological data and early warning systems, drought-tolerant plants, flood defences, waste water collection and re-use, cooling systems, heat-resistant infrastructure, and more.

2.Capitalise on opportunities:

Businesses can use their investment and innovation capabilities to create and scale up goods and services that help society live sustainably in the face of the changing environment. In order to promote innovation and scale up innovative adaption solutions, for instance, this entails funding R&D and creating ecosystems.

3.Shape Collaborative Outcomes:

Collaboration throughout society is necessary for effective adaptation. In order to manage climate change, society as a whole must work together. Businesses can take part in multi-stakeholder initiatives that encourage action on climate change adaptation, from collaborating with government officials on policy creation to working with business leaders, community leaders, academics, development organisations, and others to encourage action. Collaboration with local groups is especially beneficial because the effects of climate change vary by location, necessitating hyper-local adaptation strategies. Companies can also co-invest in adaptation projects, participate in adaptation programmes like Race to Resilience, and help adaptation efforts technically.