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The people aspects of climate risks and opportunities

Managing the risks and opportunities of climate change in the TMT industry - part 2 of a 5-part series

By Lucy Stanbrough | May 25, 2023

This article looks at how TMT companies can engage and involve their people to make progress towards their climate goals and opportunities
ESG and Sustainability|Climate|Willis Research Network
Geopolitical Risk|Climate Risk and Resilience

Welcome to the second article in our series ‘Managing the risks and opportunities of climate change in the TMT industry’. In the first article, ‘Climate risk and technology: The state of the industry’ we took a closer look at the juxtaposition of the TMT sector as both a contributor to climate change and as a key factor in driving and facilitating the solutions that will make net zero possible. We also discussed how the industry is adapting, where the opportunities lie, and who within the industry is leading.

In this article, we look at the people aspects of climate risks and opportunities: recognizing that TMT organizations are made up of people and, as such, the values, beliefs and actions of people within those organizations are intrinsic to making progress to net zero greenhouse gas emissions. We also look at how TMT companies can engage and involve their people to make progress towards their climate goals and obligations.

Tackling climate risk will require a holistic, enterprise-wide approach from TMT companies. An approach that puts people at the heart of the business strategy, becoming advocates and enablers to bring a climate lens to future strategy and operations. Climate is no different from any other driver of significant organizational change – TMT companies have to bring people with them. Successful, climate-aware organizations will be those who have built a culture that recognizes the importance of climate and that addresses the concerns of its people in this regard.

The Tech industry is an extremely competitive playing field and having access to consumer and employee-related data and extracting value from it is more important than ever. The business impact may be considerable for those that lag behind in terms of collecting, processing and analysing data. Data, however, does not exist in isolation, nor can it be leveraged without the right infrastructure.

As Nidia Martinez of WTW’s Climate and Resilience Hub expounded in her 2020 paper, “the complexities that surround the measuring of climate risk need to be harnessed and broken down, through the integration of scientific expertise and analytical capability, but crucially also with an understanding of human behavior - how people assess, assimilate and make their own life choices. This means quantifying and articulating climate risk in a way that is less abstract and makes more sense, empowering individuals, companies and governments to understand not only the pieces that make up the climate puzzle, but also the available solutions and the part they can play.” These points are equally valid today as we are entering 2023.

If we break that statement down, we can view the people risk implications of adaptive climate strategy from two perspectives and split them into four broad buckets for the TMT sector and business in general:

  • Looking in: people strategies – employees; training and upskilling challenges.
  • Looking out: understanding and communicating – customers and investors; general population.

To read more, please download the full article below.

Title File Type File Size
The people aspects of climate risks and opportunities PDF 2.5 MB

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