As the international community gathers in Bali for the UN Conference on Climate Change, businesses around the world are urging policy makers to take a more coordinated approach to climate change and introduce regulations to help them adapt, according to global research from Clifford Chance LLP.
The report entitled "Climate Change: a business response to a global issue," examines climate change from the perspective of a selected cross-section of businesses, including how they have adapted their outlook and strategies and what they want from government.
Globally, four out of every five (81%) company respondents expressed the view that more regulation is needed to drive business' response to climate change.
However, US companies were less enthusiastic compared to other companies elsewhere in the world; 69% considered more regulation necessary; this compares to 77% in the UK, 86% in Europe and 100% in Asia-Pacific.
But 95% of respondents in the US believe climate change regulation will have more impact on their businesses over the next few years, ranking marginally under expectations in Europe (96%), but above the UK (87%) and Asia-Pacific (81%).
Other key findings:
The majority of respondents say they are taking steps which go beyond current requirements.
Respondents are optimistic about climate change business opportunities, particularly in the long-term. US respondents are most enthusiastic with more than three quarters of companies predicting strong long-term future prospects, and nearly 40% seeing possible gains relatively soon.
The research also reveals that climate change could have a significant impact on global M&A activity. Globally, nearly a quarter of respondents say climate change is a reason for considering the acquisition of a business, while only 7% of respondents have considered disposing of a business due to the impact of climate change and these are based in the US and the UK.
The Daily Green Citizen Journalist
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