Discover New Business Opportunities
From the environmental, regulation, cost, stakeholder and ethical dimensions associated with climate change, new business opportunities can present themselves. Business leaders who recognise the significance of the challenge of climate change are best placed to minimise the associated risks and to maximise opportunities by coming up with innovative business ideas that improve competitive advantage.
Climate change impacts each sector to varying degrees. Accordingly, responses to climate change will vary widely depending on the sector. Business responses can range from implementing changes in production or manufacturing processes (such as the adoption of new, more energy efficient machinery) to technological innovation and the creation of new products and services. Technology advancements aimed at increasing energy efficiency and using alternative fuels are imperative to reduce greenhouse gas emissions and as such, this is a growing market segment.
There are opportunities to capitalise on the growing market segment for low carbon products and services in every sector of the economy. Once emissions-saving measures have been taken by a company, or new green products or services have been created, a business can expand its market share by tapping into the growing segment of environmentally conscious customers. Consumers are becoming more knowledgeable and recognise genuine actions from token ("greenwashing") ones, so there is a real opportunity for business growth in green consumer goods.
For a business’s long term success and growth, research and development should help with product and process innovation and point to future market and policy trends. The government provides a number of opportunities for businesses to gain support and assistance in their commitment to a low-carbon existence. Click here for a list of key bodies and organisation where you may find advice, financial backing, research funding, and other support.
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