How Climate Targets and Actions Fit into Your Business Strategy

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 Embedding target setting and achievement into business functions, budget processes, and 1-to-3-year strategic plans is critical to incremental–and ultimately transformative–change and resiliency.

Companies have been setting climate targets for more than 20 years and the rate of target setting, as well as the aggressiveness and coverage of these targets, has increased in large part due to pressure from external stakeholders, including customers, regulators, and investors.

Climate targets are the most viable way for companies to navigate risks, create opportunities, and ensure long-term resilience and profitability in a changing world. 

Navigating climate risks

Climate risks encompass the potential financial and operational impacts that may affect a business because of climate change. They include both physical risks and those associated with the transition to a low-carbon economy:

Companies should assess and quantify these risks across their value chain, develop a plan to address and mitigate them, and report these risks and plans publicly.  By adopting effective governance, risk management, and strategic planning practices, companies can enhance their resilience to various risks and capitalise on emerging opportunities. Clear and comprehensive reporting further empowers them to make informed decisions for future growth while keeping stakeholders well-informed about their operations and successes.

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