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Green economy: Private sectors’ response to climate change

Ansah, Richard Hannis and Sorooshian, Shahryar (2019) Green economy: Private sectors’ response to climate change. Environmental Quality Management, 28 (3). pp. 63-69. ISSN 1088-1913

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Abstract

The focus of this paper is to present a discussion of the role of the private sector in response to the need for climate change adaptations. The study, which was conducted through a literature review, investigates the concept of the green economy and climate change, as well as businesses’ commitment to advance climate actions in ways that build resilience in vulnerable communities in developing countries. The paper calls on companies with national, regional, and/or global reach to adopt or develop strategies that improve resource efficiency, reduce greenhouse gas emissions, and reduce the loss of biodiversity. Businesses can accelerate this transition by aligning their investments with climate change adaptation opportunities, and thus, “green” the economy. In addition, green growth could be achieved through tactical public and private investments in mitigating climate change. The paper concludes that the private sector is a key sector in addressing the challenges of vulnerable communities, and it has much to contribute to the planning, development, and implementation of climate adaptation strategies, including sector-specific expertise, technology, efficiency, financing, and entrepreneurship. Finally, some social conditions and environmental boundaries have been highlighted in this paper to attract the attention of business leaders who are trying to build initiatives and advance climate actions that will reduce socio-community risks from climate change. Also, comprehensive initiatives and strategies have been recommended to private companies seeking to address climate vulnerabilities.

Item Type: Article
Uncontrolled Keywords: climate change, green economy, initiatives, private sector, vulnerable communities
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HC Economic History and Conditions
Faculty/Division: Centre of Excellence: Centre for Earth Resources Research & Management
Faculty of Industrial Management
Institute of Postgraduate Studies
Depositing User: Encik Mohd Hashim Mohd Saad
Date Deposited: 03 Oct 2019 02:13
Last Modified: 21 Feb 2020 07:48
URI: http://umpir.ump.edu.my/id/eprint/25912
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