Businesses need government help in employing practices to mitigate and adapt to climate change as companies find such efforts too costly, a financial think-tank said in a report launched Tuesday.
In its Climate Change and Sustainability Survey 2011, PricewaterhouseCoopers Financial Advisors Inc. (PwCFA) cited the high costs of staging actions to counter climate change as “the most significant barrier…” for businesses in the Philippines.
Launched in a forum in Pasig City, the report tagged the lack of government policies and fiscal incentives and the lack of knowledge and capacity to act, as the second and third “barriers,” respectively.
Government needs to clarify its policies on climate change and make it mandatory for businesses to comply, PwCFA managing partner and CEO Rossana Javier said in explaining the findings to GMA News Online.
In the current set-up, a number of businesses stage climate change mitigation and adaptation measures on voluntary basis but to their disadvantage compared to competitors who do not employ such “costly” practices, Javier explained.
The measures include garbage segregation and the conversion of vehicles into ecologically-friendly models, such as e-jeeps and e-tricycles, Javier said.
Resonance
The survey results in the Philippines find resonance in other parts of the world, according to the PwCFA study.
“Globally, organizations consider lack of government policies and fiscal incentives as well as uncertainty in future environment as the key barriers to take action. Responses in the Philippines are therefore consistent with other countries with regard to the role of the government,” the survey said.
Respondents “need more help,” according to the survey. “In particular, they need financial support and capacity-building for knowledge and skills.”
Titled “The Business Climate Imperative: A Sharing Forum,” the vent in Pasig City also included a presentation on the Guide to Corporate Ecosystem Valuation (CEV) released by the World Business Council for Sustainable Development (WBCSD) in April.
The CEV underscores the business value of ecosystem services such as fresh water, food, fiber, and natural hazard protection.
In a statement, forum organizers said the framework will enable companies “to consider the actual benefits and value of the ecosystem services they depend upon and impact, giving them new information and insights to include in business planning and financial analysis.”
“Business and ecosystems are inextricably linked. Simply put, companies that don’t know their ecosystem impact put their businesses at greater risk and miss out on potential opportunities,” explained James Griffiths, managing director of the WBCSD Ecosystems, Water, and Sustainable Forest Products Industry.
“Valuing these impacts and dependencies helps companies make better decisions,” Griffiths said.
