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Climate Risk Assessment for Small and Medium Enterprises: Strategies, Challenges, and Adaptation

In: Corporate Governance and Sustainability

Author

Listed:
  • Nor Hafizah Abdul Rahman

    (Faculty of Accountancy, Universiti Teknologi MARA)

  • Noradiva Hamzah

    (Centre for Governance Resilience and Accountability Studies (GRACE), Faculty of Economics and Management, Universiti Kebangsaan Malaysia)

Abstract

Small and medium enterprises (SMEs) play a crucial role in the economy but face many small but significant internal and external risks. Climate change poses severe risks for businesses, including SMEs, which require practical risk assessment and adaptation strategies to ensure sustainability and resilience in the face of climate-related challenges. When conducting climate risk assessments for SMEs, it is crucial to implement strategies that address the unique challenges they face. Adaptation strategies tailored to SMEs’ needs and resources are essential to building resilience. Challenges may include limited financial resources, lack of expertise or access to data, and difficulties in implementing complex risk management measures. Effective adaptation may involve enhancing business continuity planning, investing in sustainable practices, and collaborating with other businesses or stakeholders to share knowledge and resources to create a sustainable future for SMEs amidst climate change challenges.

Suggested Citation

  • Nor Hafizah Abdul Rahman & Noradiva Hamzah, 2024. "Climate Risk Assessment for Small and Medium Enterprises: Strategies, Challenges, and Adaptation," Springer Books, in: Norazlan Alias & Mohd Hasimi Yaacob (ed.), Corporate Governance and Sustainability, pages 225-234, Springer.
    • Handle: RePEc:spr:sprchp:978-981-97-7808-9_12
    DOI: 10.1007/978-981-97-7808-9_12
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