In recent years, the economic impacts of climate change have become better understood.
In 2006 the Stern Review highlighted the fact that inaction on climate change could dampen global economic output by between 5 and 20 per cent every year this century. Two years later a report by Deloitte calculated that if the North West failed to adapt to climate change, it risked losing £72 billion from its economy over the next 12 years.
Climate change is now widely recognised as the biggest market failure in history and, as such, will have profound impacts on our economic prosperity if not enough timely action is taken.
However, businesses often fail to prioritise action in this area due to limited resources and limited experience in resource management.
Better resource efficiency means a healthier balance sheet. Cutting fuel and energy use, saving water, minimising packaging and reducing material use all saves money.
During periods of economic uncertainty, greater efficiency is even more vital for business survival. Because every penny counts, the implementation of low-cost measures that cut costs and achieve increases in productivity can be a lifeline for businesses.
To help tackle market failure, input and investment is needed from organisations such as ENWORKS to cataylse change and turn awareness into action.
Left unchecked, businesses will not respond quickly enough to the challenge.