Tensie Whelan, Clinical Professor of Business and Society and Director of the Center for Sustainable Business at NYU's Stern School of Business, and one of the speakers at ClimateCAP 2018, is helping companies understand how to model the financial impacts of sustainability issues like climate change. We asked her to share her thoughts on how climate change affects business.
Is climate change a pressing business issue? Maggie Monast, Senior Manager of Economic Incentives with EDF’s Ecosystems Program, answers this question and more in our Q&A about how climate change is shaping industries and markets.
- BlackRock, the world’s largest asset manager, called for investors to factor climate change risk into investment decisions in a much publicized move in 2016. Read more >
- Vanguard Group announced in Aug. that that it is urging companies to disclose how climate change could affect their business and asset valuations. Read more >
- In Nov., HSBC announced it will provide $100 billion in financing by 2025 for clean energy and lower-carbon technologies and that it will adopt the recommendations of the Task Force on Climate-related Financial Disclosures. Read more >
"Data shows that if U.S. businesses make investments now towards a diversified clean energy economy, they and consumers will save an average of $366 billion per year on fossil fuel costs by 2050. There will be many more U.S. jobs overall—particularly in sectors like utilities, construction, and manufacturing." Rob Walton, a member of Walmart's board of directors, shared his views on the company's bold commitment to work with its supply chain partners to reduce supply chain emissions by 1 gigaton by 2030 (Walmart's "Project Gigaton") in an article on CNBC in Dec. 2016.
"What I want to talk about is how climate change, or more specifically, action to address climate change, will affect business and why I believe that this is something that every business school student should be aware of." At a London Business School TEDx event last year, MBA student Tiiram Sunderland said paying attention to climate change measures is critical because nearly every business will feel the impacts of climate change mitigation and adaptation initiatives in the future.
Watch his talk (15:03 minutes long). Tiiram is now a consultant with Bain & Company in London.
Harvard Business School faculty and researchers recently released this updated Background Note: "Climate Change in 2017: Implications for Business" (PDF) . Useful as background reading for students or a teaching resource for business school faculty.