Year: 2024 | Month: | Volume 69 |

Business Adaptation to Climate Change: Developing Strategies to Adapt Business Processes to Changing Climate Conditions and Reduce Risks

Iryna Maksymova Vitalii Velhas Anastasiia Tokunova Mykola Pugachov Kseniia Chichulina
DOI:10.46852/0424-2513.4.2024.14

Abstract:

Currently, there is a growing global trend of climate change, resulting in an increase in increasing extreme weather events. These changes can cause significant damage to infrastructure, rendering their operation impossible. The purpose of this article is to develop a strategy for adapting business processes to climate change and reducing risks. The research employed various methods including analysis, synthesis, induction, deduction, systemic, legal, and systemic-analytical, as well as systemic-structural. The study
focuses on the development of climate change adaptation strategies for businesses, emphasizing the importance of proactive planning and understanding specific climate risks. The findings indicate that a strategy for adapting business processes to climate change and mitigating associated risks assists in identifying the required adaptation solutions, particularly in light of the uncertainty surrounding the extent of climate change and its impacts. By employing a systematic framework, the strategy allows for the integration of updated information and consideration of evolving socio-economic conditions. Importantly, the adaptation strategy formulated in this study can be seamlessly integrated into enterprise management practices, offering qualitative advantages in enhancing the stability of specific business processes postimplementation of the proposed measures. The research clarifies that adaptability is an inherent aspect of business structures. This is why in order to ensure their functioning and development, they must
align with their entrepreneurial goals and be able to easily adapt to changing external conditions. It is important to include an assessment procedure of available resources (finances, goods) and resources (investments, innovations) necessary for the implementation of the adaptation strategy when choosing
measures to implement the strategy of change for risk reduction and climate change.



© This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited





Print This Article Email This Article to Your Friend

@International Journal of Fermented Foods | Association with SASNET | Printed by New Delhi Publishers

42649495 - Visitors since April 13, 2019