Green sustainable techniques may save money esty and bell

Table of Contents

1. Understanding Climate Change................................................................................................................3

References........................................................................................................................................................8

1. Understanding Climate Change

 Increased participation in community activism

 Investors and analysts are placing a greater emphasis on the environmental, social, and governance reporting of corporations (PWC, n.d.).

Accountants may provide guidance on how to combat climate change by recommending that fossil fuel-based energy resources (such as coal, petroleum, and natural gas) be replaced with renewable energy sources (such as solar energy, wind energy and hydro power). The company should focus on reducing the carbon foot prints and aware its employees as well about the issues of climate change. In recent years, increased climate change regulation and the need to develop energy-efficient products to replace traditional high-carbon goods and services have resulted in an increasing recognition among academics, international organisations, and governments of the high growth potential of green jobs (Martinez-Fernandez, Hinojosa, and Miranda, 2010). Companies need to develop the skills for introducing products that are less harmful for the climate. Contribution towards the climate change by constantly focusing and assisting in solving climate change issues as a part of the corporate social responsibility can be positive response towards the climate change. Each firm must not only examine its own activities, but also the introduction of greenhouse gases at all levels of the system in which it operates. That being said, a corporation must, of course, begin by measuring the greenhouse gases produced by its activities in order to go forward and adopt the systems-level thinking necessary to combat climate change (Wittneben and Kiyar, 2009). It is not straightforward for many kinds of businesses to measure carbon emissions; it takes time and effort on the part of the firm to become proficient (Wittneben and Kiyar, 2009).

Management has the ability to tighten environmental criteria for suppliers based on the climate effect of their products and services (Kolk and Pinkse, 2005). This is especially true for large corporations. Cooperation may extend beyond the confines of the supply chain. The creation of partnerships between rivals, as well as between firms and non-governmental organisations (NGOs), to develop and promote low-emission technology has been widely noticed (Kolk and Pinkse, 2005). While complying with environmental regulations may be expensive for certain firms but neglecting sustainability challenges can impose serious risk such as change in consumer expectations and product displacement, non-governmental group protests or boycotts, negative media coverage, and additional

5. Requirements expected to apply in Future

In future, the government will certainly tighten the regulation regarding the climate change for achieving the net zero targets which will require compliance from the corporations. So, it is essential to start focusing on the technologies that are climate proof and invest in reducing greenhouse gases. There can be introduction of well-defined framework for disclosing the climate related risk by company’s operation and actions taken by the company for such climate change risk posed by operation of the company. Australian companies, industries, and consumers are encouraged to decrease their emissions via a variety of programmes and initiatives sponsored by the Australian government:

All these policies and incentives can be made a requirement in future for focusing strictly on the climate change risk associated with the operations of the company. There can requirements to focus more on renewable energy and company’s can be regulated for a particular level of emission produced by them during their operation.

References

https://www2.deloitte.com/content/dam/Deloitte/au/Documents/audit/deloitte-au-audit-clarity-disclosure-climate-related-risks-070220.pdf [Accessed 15 January 2022].

Hossain, D. and Chowdhury, M., 2010. Climate Change and Corporate Environmental Responsibility. SSRN Electronic Journal, [online] 7(4), pp.4-11. Available at: https://www.researchgate.net/publication/228222035_Climate_Change_and_Corporate_Environme ntal_Responsibility

Ihlen, O., 2009. Business and Climate Change: The Climate Response of the World's 30 Largest Corporations. Environmental Communication, [online] 3(2), pp.244-262. Available at: https://www.tandfonline.com/doi/full/10.1080/17524030902916632

Martinez-Fernandez, C., Hinojosa, C. and Miranda, G., 2010. Greening Jobs and Skills. OECD Local Economic and Employment Development (LEED) Working Paper Series. [online] Paris: OECD Local Economic and Employment Development (LEED) Working Paper Series, pp.2-70. Available at: https://www.oecd.org/cfe/leed/45484420.pdf [Accessed 15 January 2022].

Murphy, L., Lau, L., BIGGERS, C. and PAISLEY, 2009. Climate change: the next wave of corporate liability. australian insurance law bulletin. [online] australian insurance law bulletin, pp.138-140. Available at: http://www.cbp.com.au/portals/0/climate%20change%20article.pdf [Accessed 15 January 2022].

United Nations, n.d. What Is Climate Change? | United Nations. [online] United Nations. Available at: https://www.un.org/en/climatechange/what-is-climate-change [Accessed 15 January 2022].

Wittneben, B. and Kiyar, D., 2009. Climate change basics for managers. Management Decision, [online] 47(7), pp.1122-1132. Available at: http://10.1108/00251740910978331