Business making of climate change series

Part one of the Business Making of Climate Change series 

“One of the most significant, and perhaps most misunderstood, risks that organizations face today relates to climate change…The large scale and long term nature of the problem makes it uniquely challenging, especially in the context of economic decision making. Accordingly, many organizations incorrectly perceive the implications of climate change to be long term and, therefore, not necessarily relevant to decisions made today.” – Taskforce on Climate-related Financial Disclosures

Climate change poses legal, regulatory, reputational, technological, market as well as physical threats to business. This seminar examines these many risks, with particular emphasis on the perspective of investors. Why are financial regulators, investors and other entities demanding greater insight into the financial risks and opportunities posed by climate change? Are businesses responding to these demands? If so, how? And does that response hold up under scrutiny? This event brings together investors, lawyers and academics as they consider these questions. In doing so, the speakers will outline the case for publicly listed companies to develop governance structures, risk management, strategies, metrics and targets for climate-related risks and opportunities that, where material, are disclosed in annual financial reports.

Speakers: 

Sarah Barker, MinterEllison
Emma Herd, Investor Group on Climate Change
Kate Bromley, QIC
Jillian Reid, Mercer
Zoe Whitton, Citi

Dr Tanya Fiedler (Chair), University of Sydney Business School

Part two of the Business Making of Climate Change series 

Many businesses are already feeling the effects of climate change, including:

• the chronic effects of longer-term shifts in temperature;
• the effects on weather systems that can cause extreme events such as floods and cyclones; and
• the effects arising from transitioning to a low-carbon economy, which can generate shifts in technology, policy and consumer sentiment.

As a consequence, investors are expecting far greater insight and transparency around the ways in which organisations are preparing for the shorter and longer-term risks and opportunities that might arise.

The complexities of climate science, the plethora of data available, and the difficulty in applying that science and data at the local scale and in financial terms, means many organisations are left scrambling.

Just how are businesses responding to this challenge? And where do the complexities lie? This event brings together consultants, academics, NGOs and corporate managers to discuss the work they have been involved in, in responding to such challenges and complexities.

Speakers

Theo Comino, AGL
Amber Johnston-Billings, KPMG
Kate MacKenzie, European Climate Foundation
Sharanjit Paddam, QBE Insurance Group
Cécile Walton, Commonwealth Bank of Australia

Dr Tanya Fiedler (Chair), University of Sydney Business School

Part three of the Business Making of Climate Change series.

Climate science and the models it uses to project climatic changes over the 21st century were designed to answer big picture policy questions at the global scale. As a consequence, climate models don’t typically factor in the interactions between longer-term climatic trends and local scale events, such as weather systems, human populations or local government planning.

So just how can science be adapted to answer the questions businesses wants to know? For example, how can scientists advise a company whether a particular piece of infrastructure at a specific address is likely to be rendered useless because of a cyclone in 2030? The scientists in this final panel will take us through the ways in which they are assisting a variety of business sectors in answering such questions. They will explain where the science is at – what it is capable of and what it is not yet capable of – and discuss the opportunities and challenges they face in working with the business community.

Speakers

Brendan Cullen, University of Melbourne
Andy Pitman, ARC Centre of Excellence for Climate Extremes
Kate Simmonds, Willis Towers Watson
Nick Wood, Earth Systems and Climate Change Hub.

Dr Tanya Fiedler (Chair), University of Sydney Business School. 

Part four of the Business Making of Climate Change series.

Over the last several decades, a powerful discourse of business sustainability has promoted the vision that we can trust large corporations and the power of the market to lead in the fight to solve the climate crisis. However, despite decades of international negotiation, the promotion of market ‘solutions’ and voluntary corporate commitments to emissions mitigation, there is no tangible sign of the much needed decarbonization of our global economy. Indeed, 2019 marks an all-time high in the global fossil fuel burn, with over half of the world’s cumulative fossil fuel consumption occurring since 1990! As the catastrophic impacts of human-induced climate disruption become more and more apparent, there is an urgent need to challenge conventional understandings of corporate social responsibility and the role of business in environmental and social sustainability. How can we move beyond statements of sustainability intent and ensure businesses positively contribute to environmental and social outcomes? What role should governments play in regulating business activities which endanger human and natural well-being? How can citizens and communities be better involved in ensuring businesses deliver improved social and environmental results beyond simply consuming products and services? Is it possible for businesses to become true stewards of the planet rather than simply servants of shareholder value?

In this panel discussion, a group of academic experts and business practitioners will discuss how businesses might change their approach to environmental and social sustainability in a warming world and what is needed to build genuine business leadership which better engages with citizens, communities and governments at this critical time.

Speakers

Rachel Mason Nunn, Social Development Specialist 
Dr Tanya Fiedler, University of Sydney Business School
Kate Mackenzie, Independent Researcher & Consultant

Professor Christopher Wright (Chair), University of Sydney Business School