Given the scale of the greenhouse gas emissions reductions that are
seen as necessary to avert the worst effects of climate change,
policy action is likely to result in a complete reshaping of the
world economy. The consequences are not confined to 'obvious'
sectors such as power generation, transport and heavy industry;
virtually every company's activities, business models and
strategies will need to be completely rethought. In addition,
beyond their core business activities, companies have the potential
to make important contributions to reducing greenhouse gas
emissions through the allocation of capital, through innovation and
the development of new technologies, and through their influence on
the actions taken by governments on climate change. Corporate
Responses to Climate Change has been written at a crucial point in
the climate change debate, with the issue now central to economic
and energy policy in many countries. The book analyses current
business practice and performance on climate change, in the light
of the dramatic changes in the regulatory and policy environment
over the last five years. More specifically, it examines how
climate change-related policy development and implementation have
influenced corporate performance, with the objective of using this
information to consider how the next stage of climate change policy
- regulation, incentives, voluntary initiatives - may be designed
and implemented in a manner that delivers the real and substantial
reductions in greenhouse gas emissions that will be required in a
timely manner, while also addressing the inevitable dilemmas at the
heart of climate change policy (e.g. how are concerns such as
energy security to be squared with the need for drastic reductions
in greenhouse gas emissions? Can economic growth be reconciled with
greenhouse gas emissions? Can emissions reductions be delivered in
an economically efficient manner?). The book focuses primarily on
two areas. First, how have companies actually responded to the
emerging regulatory framework and the growing political and broader
public interest in climate change? Have companies reduced their
greenhouse gas emissions and by how much? Have companies already
started to position themselves for the transition to a low-carbon
economy? Does corporate self-regulation - unilateral commitments
and collective voluntary approaches - represent an appropriate
response to the threat presented by climate change? What are the
barriers to further action? Second, the book examines what the key
drivers for corporate action on climate change have been:
regulation, stakeholder pressure, investor pressure. Which policy
instruments have been effective, which have not, and why? How have
company actions influenced the strength of these pressures?
Corporate Responses to Climate Change is a state-of-the-art
analysis of corporate action on climate change and will be
essential reading for businesses, policy-makers, academics, NGOs,
investors and all those interested in how the business sector is
and should be dealing with the most serious environmental threat
faced by our planet.
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