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The private sector’s climate change risk and adaptation blind spots

Author

Listed:
  • Allie Goldstein

    (Conservation International)

  • Will R. Turner

    (Conservation International)

  • Jillian Gladstone

    (CDP)

  • David G. Hole

    (Conservation International
    Arizona State University
    University of Durham)

Abstract

The private sector is already experiencing the impacts of climate change, from increased operational costs to disrupted production. Investors are increasingly asking companies to disclose these risks as the physical consequences of climate change become financially material. In reviewing more than 1,600 corporate adaptation strategies, we find significant blind spots in companies’ assessments of climate change impacts and in their development of strategies for managing them. Adaptation approaches that consider broader climate change risks to supply chains, customers and employees, and that integrate ecosystem-based strategies, could limit the ‘tragedy of the horizon’ characterized by inadequate and too-late action.

Suggested Citation

  • Allie Goldstein & Will R. Turner & Jillian Gladstone & David G. Hole, 2019. "The private sector’s climate change risk and adaptation blind spots," Nature Climate Change, Nature, vol. 9(1), pages 18-25, January.
    • Handle: RePEc:nat:natcli:v:9:y:2019:i:1:d:10.1038_s41558-018-0340-5
    DOI: 10.1038/s41558-018-0340-5
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    Citations

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    Cited by:

    1. Alexandra França & Lucas López‐Manuel & Antonio Sartal & Xosé H. Vázquez, 2023. "Adapting corporations to climate change: How decarbonization impacts the business strategy–performance nexus," Business Strategy and the Environment, Wiley Blackwell, vol. 32(8), pages 5615-5632, December.
    2. Giuseppe Forino & Jason von Meding, 2021. "Climate change adaptation across businesses in Australia: interpretations, implementations, and interactions," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(12), pages 18540-18555, December.
    3. Arame Tall & Sarah Lynagh & Candela Blanco Vecchi & Pepukaye Bardouille & Felipe Montoya Pino & Elham Shabahat & Vladimir Stenek & Fiona Stewart & Samantha Power & Cindy Paladines & Philippe Neves & L, 2021. "Enabling Private Investment in Climate Adaptation and Resilience," World Bank Publications - Reports 35203, The World Bank Group.
    4. Hötte, Kerstin & Jee, Su Jung, 2022. "Knowledge for a warmer world: A patent analysis of climate change adaptation technologies," Technological Forecasting and Social Change, Elsevier, vol. 183(C).
    5. Kiridaran Kanagaretnam & Gerald Lobo & Lei Zhang, 2022. "Relationship Between Climate Risk and Physical and Organizational Capital," Management International Review, Springer, vol. 62(2), pages 245-283, April.
    6. Mercedes Bleda & Elisabeth Krull & Jonatan Pinkse & Eleni Christodoulou, 2023. "Organizational heuristics and firms' sensemaking for climate change adaptation," Business Strategy and the Environment, Wiley Blackwell, vol. 32(8), pages 6124-6137, December.
    7. Florian Kapmeier & Andrew S. Greenspan & Andrew P. Jones & John D. Sterman, 2021. "Science‐based analysis for climate action: how HSBC Bank uses the En‐ROADS climate policy simulation," System Dynamics Review, System Dynamics Society, vol. 37(4), pages 333-352, October.
    8. Bingler, Julia Anna & Kraus, Mathias & Leippold, Markus & Webersinke, Nicolas, 2022. "Cheap talk and cherry-picking: What ClimateBert has to say on corporate climate risk disclosures," Finance Research Letters, Elsevier, vol. 47(PB).
    9. Guo, Kun & Liu, Fengqi & Sun, Xiaolei & Zhang, Dayong & Ji, Qiang, 2023. "Predicting natural gas futures’ volatility using climate risks," Finance Research Letters, Elsevier, vol. 55(PA).
    10. Salamatu J. Tannor & Christian Borgemeister & Shalom D. Addo–Danso & Klaus Greve & Bernhard Tischbein, 2023. "Climate variability and mining sustainability: exploring operations’ perspectives on local effects and the willingness to adapt in Ghana," SN Business & Economics, Springer, vol. 3(8), pages 1-26, August.

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