How Will Climate Change Affect The Future of Businesses?

Melanie Catelo

Melanie Catelo

21 Mar, 2023

How Will Climate Change Affect The Future of Businesses?

As extreme weather events become increasingly common, the threat climate change poses to businesses is no longer speculative. Climate risk, including both the physical changes in nature and climate, and changes to policy and regulation, will continue to affect a company's profitability, and investors are paying close attention as more corporations add the "climate risk" factor into their calculations. 

Many major corporations have pledged to achieve net zero emissions by 2050 or earlier and are implementing strategies to meet their goals. Businesses that fail to address their environmental impact risk losing customers, investors, and the trust of their stakeholders. Those embracing sustainable practices and transitioning to a low-carbon economy can mitigate risks and benefit from new opportunities for innovation and growth.

Climate change is quickly becoming both the greatest risk and the greatest engine of growth for corporations. The transition to a net zero economy is not only necessary for our planet but also presents an opportunity for businesses to position themselves as leaders in the fight against climate change.

What can businesses do?

Incorporating environmentally friendly practices is necessary not only for operational excellence but also for sustainability.  In practice, going sustainable may seem complex; however, it is attainable with strategically planned steps and smart action. 

Steps to reducing your carbon footprint

1) Measuring your carbon footprint

Becoming climate positive

begins with measuring your company's carbon footprint as a result of its business operations to determine where you stand and which areas to target. Many technologies are now available to help companies quantify their total greenhouse gas emissions. 

Hiring a sustainability consultancy firm that not only measures your carbon footprint, helps create a reduction plan, offers support during the implementation process, and provides the necessary training is a great option when major change is required.

2) Choose hybrid or fully electric company cars 

If your business has a fleet of vehicles, now would be a good time to invest in either hybrid or electric vehicles rather than waiting for the

UK government's 2030 ban on the purchase of all new petrol and diesel-fueled vehicles

to go into force.

Due to significant investments made by manufacturers in the development of electric vehicles, there are currently several accessible models available. As a result, it is now more feasible than ever for even small enterprises to acquire and drive electric vehicles.

3) Opt for online events and meetings 

Due to nationwide lockdowns in 2020 and 2021, a significant portion of the working population in the UK switched from working in offices to working remotely, so most of us may have experience with online events and meetings.

Rather than travelling to corporate events and business meetings, it’s worth asking if the event or meeting can be hosted online. It saves on employee commute times and travel expenses and helps reduce the overall travel emissions of your business. 

Of course, in-person events have their advantages and hosting a sustainable event is definitely possible. Sustainable events consider the environment and work to combat negative impact, adopting eco-friendly practices such as recycling, reducing printing and plastic, serving locally sourced food, encouraging eco-friendly travel, and saving water. Earthly offers solutions to

help organisers run successful events that are good for business and good for the environment


4) Choose renewable energy

Another excellent way to reduce the carbon footprint of your business is to invest in green energy and green office equipment. These days, most energy providers offer a green tariff, or you could invest in renewable energy sources for your business. Solar panels are also a great option if the funds are available.

In the workplace, there are many easy ways to reduce energy consumption, including: 

  • Turn lights off when closing the office and use LED lights when lighting is needed. Is there any need to turn lights on during daylight hours if natural daylight is plentiful? 

  • Investing in kitchen appliances such as dishwashers and fridges that come with a high energy rating. 

  • Reducing the temperature. When the thermostat is lowered by a single degree centigrade, the energy consumed for heating can be reduced by as much as

  • Enable your mobile work devices and PCs for energy-saving and battery-saving modes. 

5) Invest in carbon offsetting

The cost of offsetting will vary based on the carbon footprint of your business. You can find the most cost-effective option by working with a specialised partner, such as Earthly, focused on nature-based solutions.

Offsetting your emissions with the right partner and via the right project provides your customers with proof of your commitment to reducing your business’s environmental impact. Assessments typically focus on your company's Scope 1, 2 and 3 emissions. 

Invest in your business’s future

At Earthly, we work closely with progressive leaders who dream of a sustainable future. So, if you're ready to make a difference, head over to our

nature-based project marketplace

and start maximising the value of your investments in nature.