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Climate Change: The Impact on Businesses


As Earth Day 2024 approaches on Monday 22nd April, the urgency to address climate change has never been more palpable. Over 1.7 million tonnes of CO2 equivalent will be released into our atmosphere by UK businesses in the four days between now and Monday.


Amidst growing environmental concerns, businesses worldwide are increasingly recognising their pivotal role in combating climate change. The urgency is underscored by stark statistics: In March 2024 the global surface temperature was above the 20th-century average for the tenth month in a row, marking it as the warmest period on record. With it looking more and more likely that 2024 could be the hottest year yet, businesses are under increasing pressure to act. But why should businesses get involved in climate action, and what are the risks if they don't?



Reputational Risks


Stakeholders, including consumers and investors, are increasingly holding companies accountable for their environmental impact, and greenwashing is no longer cutting it. Businesses that fail to seriously address climate change may face reputational damage and loss of market share. In the case of Volkswagen's "Dieselgate" scandal (2015), the company was found to have cheated on emissions tests, leading to a significant blow to their reputation and a cost of over $33 billion in fines, settlements, and vehicle recalls. Conversely, those that demonstrate a commitment to sustainability can enhance their brand value and attract eco-conscious customers.



Financial Implications of Climate Change


The financial implications of climate change are significant. Rising insurance premiums due to increased risk, potential liability for greenhouse gas emissions, and the need for investment in adaptation strategies all affect a company’s bottom line. Grantham Research Institute on Climate Change have reported that without adequate mitigation and adaptation measures, insurance costs for weather-related risks could rise by as much as 20% to 30% over the next few decades.




No Business on a Dead Planet



Taking Action


In response to the climate crisis, many businesses are setting ambitious decarbonisation and net-zero targets, and a third of companies are leveraging technology to predict energy usage, a crucial step towards reducing carbon emissions. The global transition to net-zero is not just an environmental imperative but a business one, with industries from energy to manufacturing drawing up roadmaps to reduce their carbon footprint and embrace sustainable practices.


Atmo’s cutting-edge environmental and asset monitoring tools enable businesses to improve their environmental performance while simultaneously achieving a return on investment through asset management efficiencies.



Environmental Monitoring


One key area where Atmo excels is environmental monitoring. By utilising advanced IoT sensors and data analytics, Atmo enables businesses to easily track pollution levels produced by their operations. Monitoring air quality, as well as noise levels, vibration and more, can help industries identify areas for improvement and implement strategies to reduce their environmental footprint. 


Atmo's impact is tangible. For instance, a hospital in south west UK found a resolution to high pollution levels in its ambulance bay after Atmo reported high particulate matter and NOx levels in the area. The monitoring led to the implementation of electric ambulance charging stations. By linking ambulances to mains electricity, engine idling was curbed, reducing pollution around the hospital, enhancing the safety of staff and patients, and contributing to a reduction in inner-city pollution.



A toy ambulance on a table



Asset Management 


In order to tackle pollution from onsite plant, vehicles and heavy machinery, asset management solutions are key. Atmo’s proprietary software, AtmoCore, monitors and visualises data that can be leveraged to enhance the efficiency and use of resources.


By tracking assets in real-time and analysing utilisation patterns, businesses can optimise their operations, reduce waste, and improve overall efficiency. This not only benefits the environment but also translates into cost savings and increased competitiveness.


For example, in the rail industry, Atmo’s ‘Smart Depot’ solution combines environmental and asset management tools to help track the movement of trains, optimise scheduling, and free up space in the depot. Optimising the fleet in this way results in a reduction of unnecessary pollution from idling vehicles, minimising pollution and lowering the risk to staff. 



Conclusion


In conclusion, the impact of climate change on businesses is undeniable, but with the right tools and technologies, businesses can adapt and thrive in a changing environment. Atmo’s environmental monitoring and asset management solutions offer a pathway for industries to tackle climate change challenges effectively, paving the way for a more sustainable future.



 

Atmo Technology is a leading provider of asset and environmental insights. Our expertise lies in real-time data analysis, helping heavy industries thrive while minimising their impact on the environment. Contact us today to explore how we can transform your operations. 

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