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QUESTION
Title:
Climate Change Economics and Policy
CLIMATE CHANGE ECONOMICS AND POLICY
Read: The lecture slides and required readings in Module 3 Week 12.
Reflect: This week the topic we explore relates to effective business strategies to address the climate change challenge including the ‘No Regrets’ strategy. An effective response requires understanding the carbon exposure of the firm, various business and operational risks (including reputational risks) as well as opportunities provided by the physical impacts and the policy environment. The factors that influence corporate positions on climate change: external, industry and company-specific factors (see Table 5.1 of Pinkse & Kolk). Reflect on how these factors influence various corporate positions on climate change.
Respond: Submit the tutorial to the dropbox by the due date
- Provide brief answers for the following
- Describe the ‘No Regret’ strategy in responding to climate change.
- In the corporate case or sector you have chosen for the assignment are there any ‘No regrets’ strategies available?
- Assume the Head of Business Solutions at your company (choose the corporate case either a sector or business as per your assignment) has asked you to briefly:
- Identify and rank two risk’s to the sector or company from climate change
- Identify one opportunity that climate change policy presents the sector or company with?
- Identify the best strategic choice available to the sector or company?
- Provide brief answers for the following
| Subject | Business | Pages | 7 | Style | APA |
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Answer
Climate Change Economics and Policy
Climate change has prompted vast measures by businesses and organizations to address the same. This paper reflects on how various factors adopted by businesses and organizations influence corporate positions on climate change.
‘No regret’ is one of the strategies aimed at responding to climate change. The strategy requires participation of all stakeholders including households, communities, states, national, regional, international institutions justified from social, economic and environment perspectives to be part of the initiatives in protecting environment (Siegel, 2017). The core of the strategy is to increase resilience in dealing with various kinds of hazards, on timely, equitable and efficient manner. Hazards on the climate have increased through human actions and it behoves involvement of all these stakeholders to change the situation.
In the health sector, there are quite a number of ‘No Regret’ strategies adopted. Some of them include educating people on environmental hazardous materials and appropriate ways of disposing chemicals and used equipment.
The two risks to the health sector are increased prevalence of deaths and injury owing to more cold waves, intense heat and forest fires (Meghanth et al. 2017).
Secondly is the increased rate of cardiorespiratory diseases as a result of higher ambient air, emission of carbon and haze in congested urban areas.
Therefore, climate change presents the health sector with an opportunity to engage in public awareness campaigns to educate people on the importance of maintaining our environment through our daily activities (Paterson, Berry, Ebi & Varangu, 2014). It also presents an opportunity to the sector to set laws and policies that guides its employees and clients on issues climate change.
The best strategic choice available for the sector is to source its supplies from companies or suppliers that adhere to the tenets and spirit of preserving climate change. This will go miles in sanitizing entire businesses in embracing techniques that are not injurious to the environment in their production processes.
References
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Meghanth, D., Mandir L., Raja, Ram P, David, A., & Ulrich, K. (2017). Health-sector responses to address the impacts of climate change in Nepal. WHO South-East Asia Journal of Public Health, 9-14. Retrieved from: http://www.searo.who.int/publications/journals/seajph/issues/seajph2017v6n2p9.pdf? ua=1 Paterson, J., Berry, P., Ebi, K., & Varangu, L. (2014). Health Care Facilities Resilient to Climate Change Impacts. International Journal of Environmental Research and Public Health, 11(12), 13097–13116. http://doi.org/10.3390/ijerph111213097 Siegel, P. (2017). "No Regrets" Approach to Decision-Making in a Changing Climate: Toward Adaptive Social Protection and Spatially Enabled Governance. Retrieved from: http://www.wri.org/our-work/project/world-resources-report/no-regrets- approach-decision-making-changing-climate-toward
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