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Impact of climate change issues on businesses: an action plan using a corporate governance approach

Author

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  • Vijaya Thyil
  • Victoria J. Wise

Abstract

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.

Suggested Citation

  • Vijaya Thyil & Victoria J. Wise, 2012. "Impact of climate change issues on businesses: an action plan using a corporate governance approach," International Journal of Global Environmental Issues, Inderscience Enterprises Ltd, vol. 12(1), pages 91-104.
    • Handle: RePEc:ids:ijgenv:v:12:y:2012:i:1:p:91-104
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