Impact of climate change issues on businesses : an action plan using a corporate governance approach
Thyil, Vijaya and Wise, Victoria 2012, Impact of climate change issues on businesses : an action plan using a corporate governance approach, International journal of global environmental issues, vol. 12, no. 1, pp. 91-104.
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Impact of climate change issues on businesses : an action plan using a corporate governance approach
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.
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