There has been much written about the business of climate. It is serious stuff.
The National Aeronautics and Space Administration (NASA) argues there is no doubt the world is warming at an unprecedented rate due to human activity.
More interestingly, they provide a who’s who of scientists who have explored and provided views on climate. Scientists such as John Tyndall in the 1860’s, Svante Arrhenius in 1896, Guy Callendar in 1938 and Gilbert Plass in 1956 all connecting the relationship between carbon dioxide increases or changes in the Earth atmosphere with increase warming of the planet.
In 2007, the Harvard Business article was clear. Climate will have a direct impact on business. The view articulated by Michael Porter and Forest Reinhardt was that this impact would come directly through changing temperatures and weather patterns and government regulations that increase the cost of emissions. Sound familiar?
In 2022, as we headed towards electing a new Australian parliament, many media outlets reported that climate change was one of the top 3 areas of concern. This was on the back of research that indicated more than 50% of people in every federal government electorate had identified climate change as a significant issue. As history now tells us, ignoring the business of climate, was political suicide.
The Business of Climate
McCrindle Research suggests public policy on the management of the planet will only become more important to the next generation of voters, employers, and employees. These future voters and workers known as Gen Alpha are commonly referred to as the environmentally conscious generation.
It is my view, that this suggests that any government that does not address the business of climate at a local, state, or federal level, is in my view, on borrowed time. And this significant focus on climate will have a direct impact on small business.
From a pure business perspective, we must also be prepared for the business of climate. Joanne Auburn in an article in Inside Small Business, says that there is no doubt that sustainability expectations of brands and businesses are increasing rapidly to match the urgency of the climate crisis. A howling 81 percent of Australians believe that businesses have a responsibility to improve social or environmental issues.
We know, many small businesses in Toowoomba and our region are leading the way in implementing environmentally conscious practices.
But as Auburn suggests, if business does not act, the direct financial benefits of building a brand with climate change-conscious credentials will be lost. Auburn argues building such a brand will help attract and retain current and future employees and will help the bottom line of a business as an estimated 78 percent of Australians consider a brand’s social and environmental impact before making a purchase.
So, what am I trying to say?
The science clearly articulates and has been predicting for over 100 years the impact of climate change on the planet. Most reports and media’s focus has been on the role of big business emitters in pursuit of a zero-carbon way of life. But with 98.6% of businesses in Toowoomba being 19 employees or less, a city built on small business, the backbone of the local economy, it is important small to medium businesses do not get left out or left behind.
Small business can and will play a vital role in meeting our local, state, and national climate targets. However, most of us are time-poor, lack capacity and resources, or the ability to invest in the needed infrastructure to pursue significant, long-lasting climate responses to our businesses. These factors are significant barriers to uptake and real-life implementation.
Small business needs the right support. And it needs it now.
Why? So collectively we can play our part in ensuring our climate change-conscious credentials enable our business community to thrive and survive.
Want and need greater climate change support?
Already implementing climate change practices?
We would love to hear from you and your stories by emailing admin@toowoombachamber.com.au
