Insight

Hotter and More Intense

Multiple Category 5 hurricanes. Drought. Wildfires. Climate change isn’t just damaging the environment and our health. It’s impacting the bottom line.

Climate Change
LT

Lori Tripoli

December 19, 2017 11:58 AM

Weather extremes and an increasingly warm planet are taking their toll not just on our ecosystem but also on our economy.

In the last decade, the U.S. Government Accountability Office reported1 that the federal government has spent more than $350 billion for extreme weather and fire events, including disaster response and relief, crop and flood insurance, and maintenance and repair to federally managed land, infrastructure, and waterways—and that was before Hurricanes Harvey, Irma, and Maria pounded Houston, Florida, and Puerto Rico during the intense 2017 hurricane season.

Many of the monsoons, flooding, drought, and other extreme weather events of recent years “bear the tell-tale sign of climate change caused by increased greenhouse gas concentrations from human activities,” says Petteri Taalas, secretary-general of the World Meteorological Organization, upon the issuance of its provisional Statement on the State of the Climate that predicted 2017 would be one of the three hottest years on record.

A Switch in U.S. Policy

While many nations agreed to fight climate change and reduce emissions of greenhouse gases by ratifying the United Nations Framework Convention on Climate Change’s Paris Agreement, President Donald Trump announced in June 2017 that the United States would be withdrawing from it in part because it was “negotiated badly” by the Obama administration and required the United States, as a developed country, to cut carbon emissions while allowing China to increase emissions until 2030.2

“The loss of federal government support, especially in terms of funding and incentives for clean energy projects, has the potential to limit progress,” says Dani Glaser, founder and CEO of Green Team Spirit, LLC, which helps businesses become more sustainable.

Nevertheless, corporations and other organizations persist in their efforts to mitigate and adapt to the effects of climate change.

Public-Private Collaboration

“Businesses, local and state governments, higher education institutions, and other societal sectors are all moving forward to address the impacts of climate change in spite of the federal government pulling out of the Paris Agreement,” Glaser notes, pointing to efforts such as the America’s Pledge3 initiative launched by former New York City Mayor Michael Bloomberg and current California Governor Jerry Brown. America’s Pledge reports on the continuing efforts of U.S. businesses, states, cities, and other non-federal actors to reduce greenhouse gas emissions in support of the objectives of the Paris Agreement.

Companies are also working with foreign governments to better the environment. At the 23rd Conference of the Parties to the United Nations Framework Convention on Climate Change4 (or COP23 for short) held in November 2017 in Bonn, Germany, the World Cocoa Foundation announced an effort with Cote d’Ivoire and Ghana, which produce almost two-thirds of the planet’s annual cocoa supply, to protect and restore forests in West Africa.

“Most of the deforestation in the cocoa sector in West Africa is a result of poor farmers trying to earn a living by going into protected areas to cut down trees to grow cocoa,” says Foundation President Richard Scobey at the time the initiative, which will also help cocoa growing become more sustainable, was announced.

The Frameworks for Action announced in Bonn was signed by companies including General Mills, Inc., the Hershey Company, Mars Wrigley Confectionary, and others to “protect and restore forests that have been degraded, accelerate investment
in agricultural productivity, and engage communities about the importance of this work to their long-term well-being,” Scobey says.

In sum, it’s a win-win situation for those involved—an improved cocoa harvest produced under more environmentally friendly conditions with the active participation of both growers and buyers.

A Choice that Makes Business Sense

“Customers, clients, and stakeholders across the value chain increasingly expect businesses to measure their greenhouse gas emissions and set goals for emissions reduction,” Glaser says.

For instance, commercial real estate owners and managers who are members of the Urban Land Institute’s Greenprint Center for Building Performance reduced energy consumption, carbon emissions, and water usage in their buildings in recent years.

Motivated in part by investors’ increased interest in sustainable and responsible investing as well as by tenant demand, Greenprint Center members, who own or manage more than 8,600 properties in 28 countries, are making progress toward their goal of achieving a 50 percent reduction in emissions by the year 2030.

The effort makes sense environmentally as well as economically. “Leaders in the real estate industry that have committed to mitigation and adaptation strategies are already benefitting from asset value preservation and creation,” said Greenprint Chairman Emeritus Charles Leitner III at the time the organization released Volume 8 of the Greenprint Performance Report5 in November 2017.

Indeed, “it is of great value for businesses to learn exactly where resources are being wasted and identify opportunities to increase efficiency and save money,” Glaser notes.

Annual sustainability reporting “helps a business to measure trends over time and increases value in the eyes of business stakeholders,” she says.

Related Articles

A Climate Duty


by Lara Douvartzidis and Samantha Daly

Converging trends in Australia and the Netherlands: reasonable foreseeability in climate change law and other novel developments.

Climate Change Law in Australia

2020 Vision


by Sean Devlin

What Does Corporate Environmental Concern Look Like in 2020?

Best Lawyers Ones to Watch Canada Legal Insights

9 Ways Lawyers Are Addressing Climate Change Through Environmental Law


by Best Lawyers

To combat climate change and protect depleting resources, Best Lawyers assesses how lawyers play a pivotal role in addressing ongoing environmental problems.

Animated sky polluted with smoke

Tampa 2022 "Lawyer of the Year"


by Best Lawyers

George F. Gramling III is honored as 2022 "Lawyer of the Year" in Environmental Law for Tampa.

Tampa 2022 "Lawyer of the Year"

The Great Debate Between Agriculture, Mining and Environment


by Rebecca Hoare

Can we really have it all?  The pursuit of the harmonious intersection of Australia’s agricultural and resources industries and the environment.

Australia Agriculture, Mining & Environment

Great Rebuild


by Best Lawyers

Néstor Méndez discusses labor peace, junk-bond repercussions, and the laudable resilience of those who call this storm-battered island home.

An Interview With Pietrantoni Méndez & Alvare

Turning Down the Heat


by Janice Zhou

What sort of legal and legislative action is necessary to help put Pennsylvania on the front lines of the battle against climate change?

Depleting Natural Resources in Pennsylvania

Easy Being Green


by Best Lawyers

Markus Deutsch discusses the impact of climate change on the firm and its clients.

An Interview With Dolde Mayen & Partner

Impact of Climate Change on Real Estate Law


by Best Lawyers

Dr. Christian Schede discusses rent in large cities, the effect of Airbnb, and more.

An Interview With Greenberg Traurig

Government of the People


by Allyn Stern

A baker’s dozen tips for working with the Environmental Protection Agency

Tips for Working With the EPA

The Generals’ Next War


by Alison Torbitt and Gayatri Joshi

Businesses’ Sense of Corporate Social Responsibility Is Increasingly Driving Long-Term Growth. Here’s How General Counsel Can Best Confront CSR’s Numerous Challenges and Opportunities.

The Generals’ Next War

River Deep, Mountain High


by Hayley Carlock

Lessons from the birthplace of modern environmentalism.

How Environmental Nonprofits Got Their Start

Going Global


by Joseph K. Reinhart, Esq. and Meredith Odato Graham, Esq.

Expanding the scope of environmental review for the energy sector.

Environmental Review

Paris Agreement on Climate Change: Overview and Update


by Beatriz Paulo de Frontin and Márcio Pereira

An overview of the Paris Climate Agreement.

Paris Agreement Climate Change

U.S. Withdrawal from the Paris Agreement


by Violaine du Pontavice

What will be the future for the world’s climate issue?

U.S. Withdrawal Paris Agreement

Outcomes Focus: Environmental Impact Bonds are All About Results


by Jeremy King

Environmental Impact Bonds offer governments, investors and non-government participants the opportunity to focus on outcomes rather than activities.

Environmental Impact Bonds

Trending Articles

Announcing the 2023 The Best Lawyers in America Honorees


by Best Lawyers

Only the top 5.3% of all practicing lawyers in the U.S. were selected by their peers for inclusion in the 29th edition of The Best Lawyers in America®.

Gold strings and dots connecting to form US map

Announcing the 2022 Best Lawyers® in the United States


by Best Lawyers

The results include an elite field of top lawyers listed in the 28th Edition of The Best Lawyers in America® and in the 2nd Edition of Best Lawyers: Ones to Watch in America for 2022.

2022 Best Lawyers Listings for United States

2021 Best Lawyers: The Global Issue


by Best Lawyers

The 2021 Global Issue features top legal talent from the most recent editions of Best Lawyers and Best Lawyers: Ones to Watch worldwide.

2021 Best Lawyers: The Global Issue

The U.S. Best Lawyers Voting Season Is Open


by Best Lawyers

The voting season for the 31st edition of The Best Lawyers in America® and the 5th edition of Best Lawyers: Ones to Watch® in America is officially underway, and we are offering some helpful advice to this year’s voters.

Golden figures of people standing on blue surface connected by white lines

How To Find A Pro Bono Lawyer


by Best Lawyers

Best Lawyers dives into the vital role pro bono lawyers play in ensuring access to justice for all and the transformative impact they have on communities.

Hands joined around a table with phone, paper, pen and glasses

The Best Lawyers in Australia™ 2024 Launch


by Best Lawyers

Best Lawyers is excited to announce The Best Lawyers in Australia™ for 2023, including the top lawyers and law firms from Australia.

Australian Parliament beside water at sunset

How Palworld Is Testing the Limits of Nintendo’s Legal Power


by Gregory Sirico

Many are calling the new game Palworld “Pokémon GO with guns,” noting the games striking similarities. Experts speculate how Nintendo could take legal action.

Animated figures with guns stand on top of creatures

What the Courts Say About Recording in the Classroom


by Christina Henagen Peer and Peter Zawadski

Students and parents are increasingly asking to use audio devices to record what's being said in the classroom. But is it legal? A recent ruling offer gives the answer to a question confusing parents and administrators alike.

Is It Legal for Students to Record Teachers?

Inflation Escalation


by Ashley S. Wagner

Inflation and rising costs are at the forefront of everyone’s mind as we enter 2023. The current volatile market makes it more important than ever to understand the rent escalation clauses in current and future commercial lease agreements.

Suited figure in front of rising market and inflated balloon

The Upcycle Conundrum


by Karen Kreider Gaunt

Laudable or litigious? What you need to know about potential copyright and trademark infringement when repurposing products.

Repurposed Products and Copyright Infringemen

8 Different Types of Criminal Defenses in Law


by Best Lawyers

Learn about the different types of criminal defenses available in law, including innocence, self-defense, insanity and more. Protect your rights today.

Silver handcuffs laying on finger printed papers

A Celebration of Excellence: The Best Lawyers in Canada 2024 Awards


by Best Lawyers

As we embark on the 18th edition of The Best Lawyers in Canada™, we are excited to highlight excellence and top legal talent across the country.

Abstract image of red and white Canada flag in triangles

Best Lawyers: Ones to Watch in America for 2023


by Best Lawyers

The third edition of Best Lawyers: Ones to Watch in America™ highlights the legal talent of lawyers who have been in practice less than 10 years.

Three arrows made of lines and dots on blue background

Wage and Overtime Laws for Truck Drivers


by Greg Mansell

For truck drivers nationwide, underpayment and overtime violations are just the beginning of a long list of problems. Below we explore the wages you are entitled to but may not be receiving.

Truck Driver Wage and Overtime Laws in the US

Choosing a Title Company: What a Seller Should Expect


by Roy D. Oppenheim

When it comes to choosing a title company, how much power exactly does a seller have?

Choosing the Title Company As Seller

The 2024 Best Lawyers in Spain™


by Best Lawyers

Best Lawyers is honored to announce the 16th edition of The Best Lawyers in Spain™ and the third edition of Best Lawyers: Ones to Watch in Spain™ for 2024.

Tall buildings and rushing traffic against clouds and sun in sky