How the climate crisis is affecting your business and what you can do
September 21st 2022 | Posted by Dave
Businesses across the UK are already affected by climate change and there is potential for the situation to get worse. At the executive level, this means there is a responsibility to recognise the dangers.
Senior teams are also responsible for leading by example and putting in place working practices and procedures that help to reduce the risk created by changes to the climate. Top executives also realise how vital it is to communicate the challenges of climate change throughout the business, as well as potential solutions.
The potential effects of the climate crisis on businesses
For executives aiming to reduce the impacts of climate change on their businesses, understanding these impacts is essential. There are several that are likely to be a concern for businesses in the UK in the coming years.
Increased risk of flooding
In some parts of the country, businesses have already been severely impacted by flooding. This causes damage to property and disrupts operations, thereby reducing profits. Worse news for some businesses is that they may have become uninsurable, and others are likely to be unable to afford rising insurance premiums. As the risk of flooding increases with changes to the climate so more businesses are going to be faced with hardship in what is already a difficult financial climate.
Continuing extreme temperatures
The UK experienced its second hottest summer on record in 2022. More worrying than this is the fact that temperatures are predicted to continue rising. As this happens, infrastructure such as roads and railways are likely to be affected. Issues like this will hamper supply chains and make it harder for businesses to remain sustainable.
Restrictions on water supplies
A lack of available water is one of the most startling affects of climate change. The risk assessment completed by the Climate Change Committee in 2017 estimated that by the middle of this century water demand will exceed supply by as much as 50%, in some parts of the country. If this is the case, businesses are likely to have water usage restrictions placed on them which will make operating extremely difficult.
How your business can address climate change
There is no doubt that the challenges the changing climate is creating for businesses are substantial. However, there is some good news. Top executives take action to adopt a sustainable culture and practices as they aim to help slow the changing climate and reduce the impact on their businesses.
The government provides information about its climate change strategy. This can be used as a basis to inform the communications of businesses as they instil a culture of sustainability in their organisation.
Treating waste differently
Working electronically reduces the amount of paper used by businesses. It’s also good practice to ban single use plastics and reduce the amount of packaging that is used. Sustainably minded executives promote recycling within their organisations. This eco-friendly action is easy to implement and highly effective.
Making careful use of energy
In the current financial climate, executives are thinking more carefully about the energy their businesses use. Doing this is not just financially advantageous, it also helps to protect the environment. For example, are lights and computers switched off when they are not being used and have sustainable energy sources been explored?
Making these changes does not stop climate change but it may help to slow those changes and reduce the impact on your business.