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A General Approach for Financial Quantification of Climate Change Risk for Enterprises

A General Approach for Financial Quantification of Climate Change Risk for Enterprises

Mahesh Gangaram Kanak, Sunita Purushottam
Copyright: © 2022 |Pages: 37
ISBN13: 9781668438855|ISBN10: 1668438852|EISBN13: 9781668438862
DOI: 10.4018/978-1-6684-3885-5.ch051
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MLA

Kanak, Mahesh Gangaram, and Sunita Purushottam. "A General Approach for Financial Quantification of Climate Change Risk for Enterprises." Research Anthology on Measuring and Achieving Sustainable Development Goals, edited by Information Resources Management Association, IGI Global, 2022, pp. 966-1002. https://doi.org/10.4018/978-1-6684-3885-5.ch051

APA

Kanak, M. G. & Purushottam, S. (2022). A General Approach for Financial Quantification of Climate Change Risk for Enterprises. In I. Management Association (Ed.), Research Anthology on Measuring and Achieving Sustainable Development Goals (pp. 966-1002). IGI Global. https://doi.org/10.4018/978-1-6684-3885-5.ch051

Chicago

Kanak, Mahesh Gangaram, and Sunita Purushottam. "A General Approach for Financial Quantification of Climate Change Risk for Enterprises." In Research Anthology on Measuring and Achieving Sustainable Development Goals, edited by Information Resources Management Association, 966-1002. Hershey, PA: IGI Global, 2022. https://doi.org/10.4018/978-1-6684-3885-5.ch051

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Abstract

Climate change is a major risk for the global economy. Increased frequency of climatic events coupled with unsustainable economic development without considering environmental & social aspects has resulted in runaway climatic impacts. It became evident for all stakeholders to work in unison; which led to formation of Task force on climate-related financial disclosures (TCFD). Financial quantification of climate risk is a new area to be explored & could be an effective measure to tackle climate change. This chapter provides a general approach for financial quantification of climate change risk for businesses to understand & prioritize climate action. Though the approach is limited to the manufacturing sector, it can be used with some modifications for other sectors. It will help find impacts that climate change could pose to supply chain using various tools & evaluation of its usefulness. As 'Climate Action' is part of Sustainable Development Goals; it will be useful to understand how integrating TCFD could help enterprises tackle climate change by localizing SDG-13 into their businesses.

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