introduction
The chosen social issue is climate change which has increased the likelihood of extreme weather events that has increased challenges for all of the countries operating on a global scale. During this essay importance of the social issue will be discussed followed by explaining of the role of business in addressing the issue of climate change.
Importance of this issue
Climate change is an ongoing threat that consistently looms around the global business environment making it difficult for them in performing their business due to a lack of sustainable business practices and negatively affecting the ecology. In today’s business environment climate change is considered to be one of the most serious challenges that affect the social and environmental determinants of health. I think the issue of climate change turns out to be important because it brings catastrophic consequences such as shifting weather patterns that threaten food production, and the rise of sea levels that increases the risk of flooding (Pörtner, et al., 2022).
One of the issues of climate change is C02 emission which is a by-product of burning fossil fuels such as coal and gas. Gathering information has benefited me in identifying that the global CO2 level in the year 2022 reached 417.2 parts per million which is 50% more than the pre-industrial levels (Who, 2022).
UK greenhouse gas emissions on a residence basis increased by 6% between 2020 to 2021 to over 505 million tonnes which have negatively affected the reputation of the country in the global platform (Trading economics, 2022). Climate change also increases other challenges as well that being including sea level rise, currently the rise is about 1/8th of an inch in a year (Earth, 2022). Any form of an increase in seal level might lead to catastrophic as it might rise to flood and cause loss of human life and finances. Climate change also rises the issue of natural disaster such as hurricanes and droughts that adversely affects the global atmosphere.
Figure 1: Global climate change, Source: (Earth, 2022)
Explain the role of business in the issue of climate change
The role of business in controlling the issue of climate change includes taking up appropriate steps towards controlling the major concern of carbon emission that negatively affects the overall operations of the organisation. the issue of carbon emissions is being reduced by the organisation by switching to a renewable form of energy such as using LED lights and green roofing systems that help in controlling the rise of carbon emissions (Ashrafi, et al., 2019). The business organisation undertakes different initiatives to take control of climate change such as procuring sustainable resources that focus towards eliminating the issues of climate change and restoring better business operations (Nußholz, et al., 2019). The role of business in eliminating the issue of climate change is by investing funds towards developing innovation that assists the organisation in manufacturing and producing sustainable and high-quality products that match the expectation of the customers.
To eliminate the carbon emission issue organisation undertakes a 3R framework such as reduce, reuse and recycle. Undertaking the 3R concept helps the organisation in eliminating the issues of greenhouse gas emissions that contribute to climate change. Preventing pollution caused by reducing the need to harvest new raw materials (Kobrin, 2022). The business organisation undertakes different approaches to eliminate the concern of carbon emission that is including building meaningful partnership so that collaborative approaches can be undertaken that intends to reduce greenhouse gas emissions. Developing partnership with different organisations also helps in taking proactive steps towards the identification of issues and eliminating the same that contribute towards eliminating the concern of carbon emission (Gosnell, et al., 2019). Businesses also aim to take advantage of sustainable development to develop a responsible carbon-neutral society that helps in protecting the health of people. Keeping climate change in control helps organisations in achieving high growth and profitability.
Critically assess what can and should be done about the issue, how can business address the issue and the challenges involved in Kaushik
One of the most important challenges in the present era is climate change. The majority of scientists agree that human activities, particularly the burning of fossil fuels and deforestation, are raising the average temperature of the planet (Chandy et al., 2019). This is having a devastating impact on the environment by increasing the frequency and severity of heat waves, storms, floods, and droughts, as well as the sea level rise and the extinction of species. Governments, corporations, and individuals must all take quick action to address the catastrophic situation. Addressing climate change presents substantial problems for businesses as well (Papadopoulos and Balta, 2022). The fact that many nations continue to rely largely on fossil fuels for their energy requirements and that moving away from polluted energy sources is frequently met with resistance is one of the largest obstacles.
In addition to that, there are frequently competing interests among various nations, with some preferring climate change mitigation over economic expansion and energy security. In order to combat climate change, governments must play a significant role (Zemigala, 2022). They can impose regulations on the use of fossil fuels and set goals for cutting greenhouse gas emissions while also encouraging firms to embrace cleaner technologies. The “European Union’s Emissions Trading System (ETS),” which places a cap on emissions from major industrial sectors and allows businesses to purchase and sell permits to emit greenhouse gases, is one of the most effective examples of governmental intervention to combat climate change (Bayer and Aklin, 2020). While encouraging innovation and financial investment in clean technologies, this strategy has been beneficial in lowering emissions.
Businesses dealing with climate change have many difficulties. The fact that the shift to a low-carbon economy needs a large investment can be one of the major obstacles for many firms, especially smaller ones (Papadopoulos and Balta, 2022). Along with this, governments frequently fail to send out clear and consistent policy signals, which makes it challenging for firms to plan and invest in clean technologies. A crucial part of mitigating climate change also falls on business. By implementing greener technologies and increasing energy efficiency, they can lessen their own emissions. Along with this, by making investments in low-carbon technologies like renewable energy, they can stimulate change in the larger economy. With many major organisations establishing challenging goals to cut their emissions and achieve carbon neutrality, many businesses are already taking action on climate change.
Business organisations can take a variety of actions to allay their concerns about carbon emissions, including forming strong alliances in order to pursue joint initiatives that aim to cut greenhouse gas emissions. As an illustration, Microsoft intends to be carbon negative by 2030, which means that it will remove more carbon from the atmosphere than they produce (Lacoste et al., 2019). Creating partnerships with other organisations aids in taking proactive measures to identify problems and solve them, which helps to all but eliminate the carbon emission issue. Businesses want to use sustainable development to create a society that is responsible, carbon neutral, and contributes to protecting people’s health. Controlling climate change aids businesses in experiencing rapid growth and profitability.
Climate change mitigation is a vital and urgent concern that calls for participation from all levels of society, including government, business, and individuals. Even though there are numerous obstacles to overcome, such as a lack of investment and reluctance to change, if all individuals work together, then it can make a significant difference.
There has never been a greater urgent need for action on climate change, and it is crucial that we take action right away to ensure a sustainable future for both current and future generations (Zemigala, 2022). Businesses can help to solve the problem of climate change by contributing funding to the creation of innovations that help their organisations produce high-quality, sustainable products that meet customer expectations.
A broad and coordinated strategy is required to address the issue of climate change successfully. Businesses, corporations, and individuals must all contribute in some way. Companies must establish precise and aggressive emission reduction goals, promote the growth of clean technology, and make sure that their policies are effective and consistent. In order to increase public awareness of the subject of climate change, businesses must make investments in renewable energy and other low-carbon solutions, enhance their energy efficiency, and interact with their stakeholders and customers. People must also do their part by lowering their personal carbon footprints. For instance, they can opt to take public transportation, walk or cycle instead of driving, and use less electricity at home.
Conclusion
The essay was based on the chosen topic of climate change which brings negative affect within the global society as it increases the risk of carbon emission, drought, poor health issues among the people and sea level rise. The chosen topic is important as it explains the impact of climate change upon the wider society and businesses. Businesses have been encouraging change in the larger economy by investing in low-carbon technology such as renewable energy. Many businesses have been already taking action on climate change because of the ambitious targets that many major organisations have set for themselves to reduce their emissions and become carbon neutral.
References
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Bayer, P. and Aklin, M., 2020. The European Union emissions trading system reduced CO2 emissions despite low prices. Proceedings of the National Academy of Sciences, 117(16), pp.8804-8812.
Chandy, R., Dowell, G., Mayer, C., Plambeck, E., Serafeim, G., Toffel, M., Toktay, B. and Weber, E., 2019. Management science—special issue on business and climate change. Management Science, 65(7), pp.3447-3448.
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Gosnell, H., Gill, N. & Voyer, M., 2019. Transformational adaptation on the farm: Processes of change and persistence in transitions to ‘climate-smart regenerative agriculture. Global Environmental Change, 59(1), p. 101965.
Kobrin, S., 2022. Managing political risk assessment: Strategic response to environmental change. London: Univ of California Press.
Lacoste, A., Luccioni, A., Schmidt, V. and Dandres, T., 2019. Quantifying the carbon emissions of machine learning. arXiv preprint arXiv:1910.09700.
Nußholz, J., Rasmussen, F. & Milios, L., 2019. Resources, Conservation and Recycling. Circular building materials: Carbon saving potential and the role of business model innovation and public policy, 141(1), pp. 308-316.
Papadopoulos, T. and Balta, M.E., 2022. Climate Change and big data analytics: Challenges and opportunities. International Journal of Information Management, 63, p.102448.
Pörtner, H. et al., 2022. Climate change 2022: Impacts, adaptation and vulnerability. In: London: Geneva, Switzerland:: IPCC, p. 3056.
Tradingeconomics,2022.Co2emissions.[Online]Availableat:https://tradingeconomics.com/united-kingdom/co2-emissions[Accessed 11 February 2023].
Who,2022.Climatechangeandhealth.[Online] Available at: https://www.who.int/news-room/factsheets/detail/climatechangeandhealth#:~:text=Climate%20change%20affects%20the%20social,malaria%2C%20diarrhoea%20and%20heat%20stress.[Accessed 11 February 2023].
Zemigala, M., 2022. Business and climate change-research tendencies. Environmental Development, 42, p.100696.
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