The paper "Climate Change and Sustainable Business Futures" is a great example of business coursework. Based on the core competencies that steer success in the business world, such as high adaptability levels to consumer demands and market forces that are rapidly changing as well as the ability to innovate in response to the changing conditions, business usefully contributes skills for climate change adaptation that results in high performance (CSR Asia 26). Furthermore, climate change adaptation can help the business understand the potential impacts and vulnerabilities and identify solutions that are suitable so as to remain competitive.
Climate change adaptation can help business build adaptive capacity by leveraging its marketing skills, which is an additional core competency for improving performance. 1.2 Reduces Energy Costs Energy efficiency is a business benefit attributed to climate change adaptation, particularly through reduced utilisation of fossil fuels. Besides that, energy efficiency, as well as associated demand management measures, may as well address a number of vulnerabilities in various industries; for instance, using energy-efficient technologies may help in counteracting the increased demand for power (Goldman, Ungar and Capanna 12).
Moreover, demand efficiency programs and response programs may help businesses counteract the increasing demand of power energy, and help in managing uncertainties associated with generation and consumption of power because of extreme weather; hence, reducing the need for more power plants. 1.3 Increases Business Resilience Basically, effective climate change adaptation needs strengthening business resilience as well as sound risk management. The majority of companies are either indirectly or directly vulnerable to logistical or manufacturing interruptions, natural resource constraints, as well as economic or financial crises attributed to climate change (PwC UK 2).
For this reason, the type and type of response rely heavily on business exposure: responding to direct risks that affect the main business operations or indirect risks through dependencies such as via supply chain. New services, products, and markets can materialise from climate change adaptation. Therefore, business with the ability to change may be rewarded with continual competitive advantages. 1.4 Builds Corporate Reputation Corporations dedicated to improving their community social responsibility performance can attain value when they engage with innovative ecosystems-based and community-based adaptation. Undeniably, there are scores of opportunities for business to involve in community activities so as to make susceptible communities resilient to climate change (CSR Asia 30).
The business that has invested financial as well as other resources in activities associated with community development can gain from climate change adaptation in making sure that future climate change does not affect project outcomes. Failure to adapt the business’ supply chains from climate change to emerging risks can as well risk reputation with stakeholders and investors. 2.0 Main Impacts of Climate Change 2.1 Infrastructure failure The distribution and frequency of failures in rail infrastructure due to adverse weather conditions have been reported globally.
According to Koetse and Rietveld (207), weather results in almost 5 per cent of all failures in rail infrastructure, and even though it appears limited it is not negligible. Many of the infrastructure failures associated with weather are caused by lightning, icing, high temperatures and storm. Generally, in the transport sector climate change results in increased disruptions associated with heat, but a decrease in disruptions related to ice, making the overall impact region-specific and ambiguous (EPA 2010).
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