How Companies Navigate the Challenges and Respond to Climate Change
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Sanaa Smith
CoPIs:
Daniel Santos, Edith Gudiel, Nicholas Orozco, Michelle Mejias, Mahee Choksi
College:
College of Business and Public Management
Major:
Management
Faculty Research Advisor(s):
Ipek Kocoglu
Abstract:
The focus of our study is due to the awareness of the Climate Crisis and the need to control the effects it has on the environment have been negatively affecting companies globally within their operations, employees, and standards. This research will identify what serious setbacks are causing an uprise of challenges and negative effects. This leaves us with the question; what are these companies doing to respond to these new challenges being caused by climate change and what are they doing to accommodate for themselves to extract themselves from possible clauses in a climate crisis?
Based on research that has already been conducted, companies have and are implementing strategies to prevent themselves from going into a decline in sales and they are coming up with new ways to reduce their carbon emissions. One of the major changes companies have made was to establish new policies to accommodate the new regulation that has been made to enforce the reduction of carbon emissions. Many companies invest more money into production so they can use more reusable resources to face the awareness of climate change. Unfortunately, as much as it is not discussed, businesses have been going into a rapid decline since 2020, due to different factors, one of them being climate change/crisis. Our research will allow us to fulfill what people have been trying to unveil for the past couple of years.
The data that we will compile and have to this point will be analytics describing different companies that have been on the backend of the effects of climate change and the effect that it has on their production and sustainability aspect of things. We have found that companies inflate their prices based on being affected by climate change and the effects over it long term. Our findings can likely allow managers to understand different tactics to move forward with their businesses and implement them by training workers to sell products a certain way and prevent a drastic decline in overall sales.