News

The clock is ticking

Climate change will have overarching impacts on Australian businesses, and fully grasping the imminent challenges will be the key to success in a “brave new carbon-constrained world”, a report has said.

Professional services firm Deloitte has released a report, Helping you to understand the climate change Green Paper, which identifies the key issues, interprets the impacts, and articulates how to develop an appropriate response to the carbon economy.

“The Carbon Pollution Reduction Scheme will fundamentally change the economic environment,” said Deloitte Australia’s chairman Wayne Goss.

“However many Australian businesses are still at the early stages of understanding exactly how these changes will affect them.”

Mr Goss said climate change is no longer just an issue for the environmental or sustainability team, but it applies to every level of management whether it is tax, supply chain, corporate governance or reporting.

“Climate change is about to become an everyday business challenge with far reaching implications across the organisation and it will therefore be elevated to the agendas of every board,” he said.

Jon Stanford from Deloitte Economics, who led the firm’s review, said: “Businesses now recognise that the scheme will introduce significant structural change in the economy. It will change relative prices and costs, demand new structures and supply chains, and present opportunities to some sectors and limit others.

“It is now recognised that some organisations will prosper, while others will linger for a while and then disappear. Adaptation and action will be the key to survival in this ‘new world’.”

The report is available at www.deloitte.com.au

©2019 All Rights Reserved. MHD Magazine is a registered trademark of Prime Creative Media.