Econ 7221 : Climate Change Assessment Answers
a. Describe the ‘No Regret’ strategy in responding to climate change.
b. In the corporate case or sector you have chosen for the assignment are there any ‘No regrets’ strategies available?
2. Assume the Head of Business Solutions at your company (choose the corporate case either a sector or business as per your assignment) has asked you to briefly:
a. Identify and rank two risk’s to the sector or company from climate change
b. Identify one opportunity that climate change policy presents the sector or company with?
c. Identify the best strategic choice available to the sector or company
Answer:
1). A ‘No Regret’ StrategyLovins (2008 p.24) argues that a ‘no regrets’ strategy is a scenario where even if the scientists are wrong, the actions taken by an organization would not have any threat to the climate. This implies that a well-managed company would take it because doing so would be a profitable venture since they would be conserving the environment. Ideally, a ‘no regret' strategy is an approach, which argues that energy-saving measures should be taken into account to help reduce global warming and climate change (Lovins, 2008, p.24). Some examples of ‘no regret’ strategies would be energy and material cost savings, enhanced core business value, and reduced risk to the environment.
B ‘No Regret’ Strategy in the Mining Industry
In the mining industry, a company like BHP Billiton Ltd. Is faced with various circumstances where a ‘no regret' strategy is evident. Mining companies always position themselves as low-cost options by offering affordable petroleum for their consumers (FitzRoy, and Papyrakis, 2010, p.299-500). To fulfill this without realizing losses, this industry always ensures that they achieve a global presence by converting their businesses into multinational corporations to enjoy the benefit of economies of scale. Another instance where a ‘no regret’ strategy could be realized in this industry is product differentiation (FitzRoy, and Papyrakis, 2010, p.299-500). The mining industry tries to offer green products by reducing the production of high carbon products.
2).
A). Two types of risks affect organizations in the mining industry. These risks include physical risks and price-related risks. Physical risks relate to the damage of infrastructure, assets, and supply chain operations due to extreme weather events (McMichael, Montgomery, and Costello, 2012, p.1359). An example of a physical risk from climate change to the mining industry may be an adverse impact of drought or flood to natural resources. The second risk affecting the mining industry is price risks. This risk occurs due to increased volatility of prices of raw materials and commodities (McMichael, Montgomery, and Costello, 2012, p.1359). An example of a price risk from climate change to the mining industry is the increase in the price of petroleum due to scarcity of natural resources. When we rank these risks, physical risks can cause more havoc than price risks.
B). The climate change policy presents the mining industry with many opportunities. This system would enable businesses in the mining industry to realize the opportunity of competitive advantage as it poses the product risk to those companies (Tang, and Yeoh, 2007, p.199-210). Ideally, product risks occur where companies lose market share over products. If the mining industry emulates ‘no regret’ strategies like diversifying fuel consumption and active carbon asset management, they are likely to gain competitive advantage.
C). The best strategic choice available to the mining industry is innovation. Companies in that industry can do so by process or product development and be merging (Tang, and Yeoh, 2007, p.199-210). Innovation is the creation of new ideas or products to increase efficiency. An example can be marketing synergy and operations synergy.
References:
Lovins (2008). The Business Case for Climate Protection – Climate Action Roadmap. [online]. Pp.24. Retrieved on 11th October 2016 from https://natcapsolutions.org/CAPR/resources/climate-manual/chapter-2/the-business-case/
Tang, K., and Yeoh, R. (eds.) (2007). Cut Carbon, Grow Profits: Business Strategies for Managing Climate Change and Sustainability, Middlesex University Press. Pp.199-210. Retrieved on 11th October 2016.
McMichael, T., Montgomery, H. and Costello, A. (2012). Health risks, present and future, from global climate change. BMJ, 344(mar19 1), pp.e1359-e1359. Retrieved on 11th October 2016.
FitzRoy, F., and Papyrakis, E. (2010). An introduction to climate changes economics and policy. London: Earthscan. Pp.299-500. Retrieved on 11th October 2016.
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