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Of all the pressing global sustainability issues facing humanity today, climate change has posed a greater threat to the global economy and introduces specific risks to business today.
Following the IPCC report on climate change, the Paris Agreement, and the UN SDGs, it has become imperative for global leaders in government and business to keep global warming below 2 degrees above the pre-industrial level.
The risks associated with climate change alone are too evident to be ignored and urgently need to be addressed to preserve the future viability of our economy.
Water supplies, agriculture, infrastructure, healthcare, social services, business operations, human lives, and many other areas critical to economic and social growth are more susceptible to climate risk. Climate risk reduction and adaptation measures in both the public and private sectors must be accelerated. Institutions increasingly need to respond to these new risk perspectives and the global sustainable marketplace.
In the last few years, governments, investors, and corporations appear to be stepping up their efforts to combat climate change, and many of these organisations are now setting net-zero targets. These goals essentially aim to decrease greenhouse gas (GHG) emissions to zero by 2050 while keeping temperature rise to 1.5°C.
A key feature of being able to achieve this is the need for early action this decade, and there is much uncertainty about whether all parties will be able to deliver.
Climate risks are typically considered in the following categories:
- Physical risk - Risks associated with either specific weather occurrences (acute) or longer-term climate transitions (chronic)
- Transition risk - Risk arising from the transition to a low carbon economy
- Liability risk - Risk arising from future generations suffering from climate change risks and seeking to assign blame and obtain compensation for the losses
As climate factors grow in importance and materiality, both the public and private sectors need to accelerate their climate risk mitigation and adaptation efforts as investors and development partners look to reduce value erosion from climate risk and seek value creation opportunities from the transition to a Net Zero economy.
How we can help you
- Net Zero Transformation and Strategy Development
- Climate Resilience
- Climate Risks and Impact Baselining
- Scenario Analysis
- Incentives and Subsidies Analysis
Net Zero Transformation and Strategy Development
Attaining net zero would demand radical enterprise and supply chain change, including discovering and scaling disruptive business models and emerging technologies. In setting their ambitions and achieving them, we help clients to assess, strategise and execute their plans using science based methodology.
Climate Resilience
We assist clients in future-proofing their business models against climate risks by developing climate resilience plans to manage risks emerging from climate change impacting their business.
Climate Risks and Impact Baselining
From identifying and prioritising climate risks and opportunities, understanding current state of performance against peers, and assessing the value implications and change initiatives needed to mitigate climate risks.
Scenario Analysis
Using our PwC climate excellence tools, we help clients to examine the possible impacts of climate change on their business across different levels of commitment to inform better leadership decision making and action to mitigate climate change risks.
Incentives and Subsidies Analysis
As national and state leaders are leading with commitment and legislative actions, we help clients to be proactive in identifying incentive opportunities and subsidiaries for their climate actions.
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