Climate change is changing the rules of business.
Traditional ways of determining the risks faced by a business are no longer adequate. Risk management tools and techniques may also no longer be fit for purpose.
Companies need to re-think their entire approach to how they operate, and we are ideally placed to provide them with objective guidance. We specialise in reviewing long-term strategic objectives and assessing likely areas of risk.
With our commitment to understanding the impact of climate change, this means we can help businesses to identify and quantify the threats it brings while incorporating business resilience into their corporate strategies.
We can also help them understand the characteristics of a low carbon economy and grasp the opportunities it provides.
Leading the response to climate change
We are at the forefront of the climate change conversation because we have devoted energy and resources to the issue for many years.
We correctly anticipated that climate change would be of paramount importance to our clients' businesses, and we have invested significantly in building a cross-disciplinary and cross-jurisdictional team with knowledge of climate change risks.
We are a an international full-service legal firm devoted to the sectors that build, move, power and protect our connected world, such as construction, aviation, energy, insurance and trade. That means we are focused on helping companies to understand and mitigate climate risks across industries, supply chains, and regions in a way other firms can't match.
Three-tiered response to climate change
When considering the risks facing a business as a consequence of climate change, we have a three-stage approach:
- Understand: we explain the risks you face today
- Prepare: we prepare you for the risks of tomorrow
- Evolve: we help your company evolve to capitalise on the opportunities created by the transition to a low-carbon economy.
More specifically, our in-depth knowledge of climate risk can assist with:
- assisting with the production of Task Force on Climate-related Financial Disclosures (TCFD) or the completion of climate risk stress-testing mandated by regulators
- assessing and advising on exposure to liability under a changing regulatory landscape, including liability under financial services regulations, corporations law, financial disclosures, risk management, directors’ duties, environment and work health and safety
- supporting compliance, including with environmental regulation and disclosure requirements and assisting with crisis management in the event of breach
- developing due diligence frameworks, and reviewing policies and procedures, for assessing climate change risks to workforce, assets, operations and transactions
- advising on insurance coverage issues in light of climate-related exposure
- advising on litigation risks and acting in proceedings
- helping to identify opportunities for growth.
Given the wide range of risks associated with climate change, there is no simple ‘one size fits all’ solution for companies. Law firms can play a vital role in creating a coherent long-term strategy to understand, mitigate and deal with these risks.
Our knowledge, preparedness, strategic skills, networks and international experience can assist businesses to manage the risks they are facing today and prepare for the risks of tomorrow, while keeping sight of the opportunities created by the transition to a low-carbon economy.