The paper "Climate Change and Sustainable Business Future in the Australian Energy Industry" is a good example of a business case study. Unsustainable practices in energy production and utilisation have brought about a number of adverse environmental issues globally. In the past, environmental laws in Australia significantly overlooked the consequence of energy production as well as consumption, with energy viewed as being of little importance to the progress of sustainable development. This, as highlighted by Lyster & Bradbrook (2006), has significantly changed since the year 2000 especially due to mounting international concern over the issue of climatic change. According to the Local Government Association of South Australia (2014), climate change is an issue that does not require an introduction.
Climate change is widely viewed as among the gravest environmental issues that the world currently faces. As such, as Cosier (2004) highlights, there is no doubt that the issue of climate change and sustainability is continuing to dominate not only the government but also corporate agendas throughout the globe. The likely economic climatic change implications on businesses are receiving significant attention as well as recognition, with various investors and stakeholders urging companies to not only identify but also assess and publicly report the economic implications that the climate change issues have on their businesses. The significance of sustainability currently goes beyond issues relating to the environment and extends to social and economic requirements to act responsibly.
This has turned out to be not only a significant aspect of maintaining brand and looking for/seeking good growth but also a significant strategy and operations aspect. Businesses are for instance, not only dealing with regulatory impacts but also dealing with significant expectations (for action) from various stakeholders including investors, customers, lenders, suppliers, employees and even the local community.
It is within this backdrop therefore that this particular paper intends to provide an analysis on climate change and a sustainable business future in the Australian energy industry. The Current State of the Australian Energy Industry Australia as a nation is richly endowed with commodities including uranium reserves and fossil fuels and is among a few nations in the world that export significant net hydrocarbon, exporting approximately more than 70% of its entire energy production (ABARE & Geosciences Australia, 2010).
According to the Bureau of Resources & Energy Economics (2011), the nation was the globe’ s 2nd largest exporter of coal in terms of weight during the year 2011 as well as the 3rd largest liquefied natural gas exporter in the year 2012. The nation is heavily-dependant on fossil fuels and ranked among the world’ s most coal-dependant nations within the globe in as far as its major energy consumption is concerned. Natural gas, coal and other oil-based products currently form the major sources of the nation’ s energy consumption, irrespective of the reality that the Australian oil industry emits about 38 percent of the nation’ s entire greenhouse gas emissions.
In the year 2011, for instance, oil represented approximately 36% of Australia’ s energy consumption. Coal and natural gas, on the other hand, accounted for about 33% and 25% of consumed fuel, respectively, with renewable energy sources such as wind, hydroelectricity, biomass and solar that are often consumed or used on a smaller scale, accounting for approximately 6% of the entire consumption (Australian Government, Department of Resources, 2013).
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