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How do you assess and manage the risks and opportunities of climate change for your business?

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Climate change is not only a global challenge, but also a business opportunity. It can affect your operations, markets, customers, suppliers, and stakeholders in various ways. Therefore, it is essential to assess and manage the risks and opportunities of climate change for your business, and to align your strategy with green business principles and framework. In this article, we will guide you through some steps to help you do that.

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1 Identify your climate impacts

The first step is to identify how your business activities and value chain contribute to greenhouse gas emissions and environmental degradation, as well as how they are exposed to the physical, regulatory, and reputational risks of climate change. You can use tools such as carbon footprint calculators, life cycle assessments, and climate risk assessments to measure and quantify your climate impacts. This will help you understand your current performance, benchmark against your peers, and identify the areas where you need to improve.

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Robert (Bob) Pojasek, Ph.D.

Harvard Lecturer Emeritus | Uncertainty Risk Management | Pollution Prevention | Process Improvement | ESG | Organizational Sustainability | Author
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There are two basic ways to look at risk. There is "Traditional Risk" and "Uncertainty Risk." Traditional risk involves a chance of a loss and not chance of a gain. Organizations generally use insurance to deal with this risk. The effects of uncertainty on the ability of the organization to meet its objectives. It risks consist of opportunities and threats. The risk group deals with traditional risk. Uncertainty risk management includes doordinated activities to direct and control an organbiztaion with regard to risk. It has opportunities and threats. This is the best way to address risk. Take a peak at the book online: https://bit.ly/2K41o44

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2 Set your climate goals

The next step is to set your climate goals and targets, based on your climate impacts, your industry standards, and your stakeholder expectations. Your goals should be SMART: specific, measurable, achievable, relevant, and time-bound. You should also align your goals with the global frameworks and initiatives, such as the Paris Agreement, the UN Sustainable Development Goals, and the Science Based Targets initiative. These will help you demonstrate your commitment, credibility, and accountability to your stakeholders and the society.

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3 Develop your climate action plan

The third step is to develop your climate action plan, which outlines the strategies and actions you will take to achieve your climate goals. Your plan should cover both mitigation and adaptation aspects, and consider the short-term and long-term implications of climate change for your business. You should also prioritize the actions that have the highest impact and the lowest cost, and that create value for your business and your stakeholders. Some examples of climate actions are: reducing energy consumption and waste, switching to renewable sources, investing in low-carbon technologies and products, enhancing efficiency and resilience, engaging with your suppliers and customers, and supporting climate policies and advocacy.

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4 Implement and monitor your climate action plan

The fourth step is to implement and monitor your climate action plan, which requires resources, skills, and collaboration. You should assign roles and responsibilities, allocate budgets and incentives, and establish procedures and systems to execute your plan. You should also track and measure your progress and performance, using indicators and metrics that are relevant and consistent with your goals and standards. You should report and communicate your results and achievements, using platforms and formats that are transparent and credible, such as sustainability reports, carbon disclosure projects, and third-party verification.

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5 Review and improve your climate action plan

The final step is to review and improve your climate action plan, which involves feedback, learning, and innovation. You should evaluate your strengths and weaknesses, identify the gaps and challenges, and analyze the opportunities and threats of climate change for your business. You should also solicit feedback and input from your stakeholders, such as your employees, customers, suppliers, investors, regulators, and communities. You should use the insights and data you collect to update and refine your plan, and to explore new ways to enhance your climate performance and leadership.

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Sana Bagersh

Leading social impact through platforms, partnerships and advocacy. Interculturalism Expert, AI Advocacy, Strategic Communication. Digital Transformation, Thought Leadership. DEI/ ESG Advisor. Speaker, Author, Coach.
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As part of your climate action plan you must scrutinize each of your stakeholders, from partners to vendors, and commit to working only with those entities that are aligned with your actions and that are themselves instituting firm climate action measures. Widespread impact can only be achieved through concerted effort by all, and this means enhancing our relationships and business ties with those that are making a difference, and minimizing links with those who are not. While such measures could be regarded as coercive, the net outcome will be positive, because sadly some entities will react solely out of commercial necessity and nothing else.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you assess and manage the risks and opportunities of climate change for your business?

1

2

3

4

5

6

1 Identify your climate impacts

2 Set your climate goals

3 Develop your climate action plan

4 Implement and monitor your climate action plan

5 Review and improve your climate action plan

6 Here’s what else to consider

Corporate Social Responsibility

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How do you assess and manage the risks and opportunities of climate change for your business?

1

2

3

4

5

6

1 Identify your climate impacts

2 Set your climate goals

3 Develop your climate action plan

4 Implement and monitor your climate action plan

5 Review and improve your climate action plan

6 Here’s what else to consider

Corporate Social Responsibility

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感谢您的反馈

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