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Scourfield, A. (2024) Climate change costing Welsh farmers ‘tens of millions. Available at: https://www.bbc.co.uk/news/articles/crgyr68lrr8o (Accessed: 20 November 2024)

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This article reviews the effects of climate change on Welsh farmers. It uses multiple key points within the article that relates to the chosen topic for the team. It states how Welsh farmers are being affected due to climate change and one of the key points of the article is that food costs are rising for their cattle. This is because uk farmland is being affected by severe droughts and heavy rainfall. This helps the team answer the chosen topic because it states clear points on how farmers are being affected by climate change and this article also discusses points on what businesses can do to limit the effects of climate change on their farmland. This article was chosen because of the negative impact of climate change on farmers, and it shows a different perspective on how climate change is affecting different industries. This article was also chosen because of the reliability and the validity of the article in the current business environment. The reliability of this article is one of the articles main strengths as it is published by the BBC and uses multiple sources within the article to get different points of view and options of how climate change is affecting them. This is a crucial thing to be able to answer the question because by having multiple sources it allows the question being answered to have many different points of view. This article was also chosen because of the validity of the article. This is a huge strength of the article because it is recent and was published in April 2024. This article is also hugely valid to the question because it shows thought the article the negative impacts that climate change is having on business and shows multiple points of view on how it is affecting the farmers. However, there is also weaknesses to this article that needs to be addressed. The purpose of this article is flawed because it is aimed at the public so there could be bits of the article that is made to be bigger than it is to try and get the reader's attention. This is important to answering the question on the Padlet because it could mean not all the information in the article is not entirely accurate and impartial. However, this isn't a big issue because the article is still providing good enough information for it to be considered when answering trying to answer the question being asked in the Padlet article review. In conclusion, this article was chosen for the good points it makes when discussing the effect of climate change on farmers and is a reliable and valid article.

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Climate change costing Welsh farmers ‘tens of millions’

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One farmer says it feels like he has only seen “three or four days of dry weather” since July.

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Mercer, P (2024) Climate change leaves future of Pacific Islands tourism 'highly uncertain'. Available at: https://www.bbc.co.uk/news/articles/cp81l4gynljo (Accessed 24 November 2024) 

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This article discusses the effects of climate change on the travel and tourism industry in the pacific islands. It uses multiple key points within the article that relates to the chosen article within the team. It discusses that in recent years there has been a huge increase in the number of cyclones that has been destroying local beaches and local businesses. This helps team answer the chosen question because it answers the question of how it is affecting local businesses. It is directly affecting local businesses because it is destroying them and destroying the beaches that these local businesses thrive off. Another key point that this article creates is that drinking water is becoming increasingly more of an issue for them as they need clean water to be able to run a successful business and if the island doesn't have clean water their travel and tourism industry could struggle. The reason this article was chosen was because of the different viewpoint of the article because it focuses on the travel and tourism aspect and how climate change is affecting the travel and tourism industry. Another reason this article was chosen was because of purpose of the article in relation to the question that is being asked. The purpose of this article was to provide insight into other countries and how climate change is affecting them. This is useful to answering the question because it shows a different aspect of how climate change is affecting the environment. However, there are many other strengths and weaknesses to this article. One of the other strengths of this article is the relevancy of this article in relation to the question being asked on the Padlet. This article is incredibly relevant to the chosen topic because it makes multiple key points on how climate change is affecting businesses. Furthermore, the article is also relevant to the public because climate change is a hot topic in the world right now and this shows people how climate change is affecting people and could raise more concern and awareness on how climate change is affecting people. However, this article also has weaknesses that was assessed when reading it. One of the main weaknesses being the relability of this article because it discusses things that might happen in the future rather than right now. This affects the answering of the question because the point of the question is to ask how its affecting businesses now. In conclusion, this article was a good article to choose because it only has one main weakness and still does make multiple key points of what's happening now and how it could affect the tourism industry in the future.

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The Pacific Islands are scattered across a vast area of ocean, with some of the clearest waters in the world, and pristine beaches and rainforests.
They are a magnet for tourism, which is vital for many of the countries' economies.

But the region's travel industry, and those who rely on it, are increasingly fearful of the impact of continuing climate change.

"Pacific Island leaders have declared climate change as the foremost threat to the livelihoods, security, and well-being of Pacific communities," says Christopher Cocker, the chief executive of the Pacific Tourism Organisation.

"Without immediate and innovative action, the future of tourism in the region remains highly uncertain."

He adds: "All islands of the Pacific are vulnerable to the impacts of climate change. However, low-lying atoll countries like Tuvalu, Kiribati, Marshall Islands, and the Federated States of Micronesia are more vulnerable.

"These islands are not only prone to inundation from rising seas, especially during king tides, but access to clean and safe drinking water is a challenge, with prolonged droughts and unpredictable rainfall patterns."

Then there's the threat of erratic and potentially devastating tropical storms, which are ranked from one (the weakest), to five (the strongest).

Australia's Bureau of Meteorology has said that climate models of the Pacific Ocean have suggested "there could be a future shift towards fewer, but more intense, cyclones".

However, in Tonga locals say they are now seeing stronger storms hit more often.

Nomuka is a small triangular island in Tonga's Ha'apai archipelago, about 3,500km (2,175 miles) north-west of Sydney, Australia. Surrounded by ocean, its population of about 400 people feels at the mercy of nature's whims and fury.

"We live with cyclones almost every year. I grew up there, and there were usually one or two that come in for a direct hit," says Sione Taufa, an associate dean Pacific at the University of Auckland Business School, and a member of the New Zealand-Tonga Business Council.

"But nowadays we are seeing more of those category four or five cyclones coming in much more regularly."

The peril that Pacific Islands states face has been highlighted recently by United Nations Secretary-General António Guterres. Last month he attended the Pacific Island Forum Leaders Meeting in Tonga, and called for the world's most polluting countries to cut their greenhouse gas emissions.

"The small [Pacific] islands don't contribute to climate change but everything that happens because of climate change is multiplied here," he said.

A two-hour flight heading north-west from Tonga are the islands of Fiji, a former British colony.

Last year Fiji welcomed 929,740 visitors, mostly from Australia, New Zealand, North America and China.

Here, too, there is anxiety about a shifting climate.

Marica Vakacola is from the Mamanuca Environment Society, a community organisation based in Nadi, by Fiji's main international airport.

The group champions sustainable tourism and environment protection, and is restoring mangroves and planting trees. But Ms Vakacola tells me that this part of Viti Levu, Fiji's biggest island, is already living with the consequences of warming temperatures.

Bore water is being contaminated by salinity from the encroaching sea and, more and more, rainwater must be harvested during the wet season.

"Water security is a big risk in terms of climate change," explains Ms Vakacola.

"Most of the freshwater sources that were once good enough to be consumed are now being intruded by salt water. Beach fronts are being eroded by rising sea levels and we have experienced coral bleaching events because of changing temperatures of seawater."

Susanne Becken, a professor of sustainable tourism at Griffith University in Australia, foresees potential for friction over scarce supplies of water across the Pacific Islands.

"Drinking water is increasingly becoming an issue in some places," she says.

"There could be conflict with the community because tourists effectively use the water that local people need."

Prof Becken has recently undertaken research in Fiji and the Cook Islands. It revealed some unexpected attitudes to climate change and the threat it brings to the island nations.

"There's a bit of denial, where people were a little bit fatalist in the sense that there is not much we can do about it. It was easily dismissed as a global problem that the Pacific Islands can't do much about. I was a bit surprised, to be honest, that people maybe feel a little bit helpless.

"It is almost like 'let's not talk about it'. Maybe they are preoccupied about getting growth of the tourism market back. It is not part of the story. It is a really tricky topic."

Hard truths are, though, being confronted in the Cook Islands, a jewel of Polynesia popular with New Zealanders and Australians, where most of the tourism infrastructure stretches in ribbons around the coasts of the main islands.

Brad Kirner is the director of destination development at the Cook Islands Tourism Corporation. He concedes that discussions about global warming in the community can be fraught.

"If we face reality it's going to need some pretty serious adaptation measures put in play. It's a challenging conversation.

"There's also the challenging conservation that, yes, travel is a significant contributor to global warming, and we need to face that fact. How do we come up with solutions?"

"We are a tiny percentage of world population and therefore we have a very small carbon footprint, but we are on the front line of climate change," he adds.

While there might be a sense of despair, it shouldn't be mistaken for an admission of defeat. Far from it. Tenacity runs deep in some of the world's most isolated nations.

Social systems vary across the islands, where the influence of kinship groups, community networks and the diaspora in Australia, New Zealand and beyond is paramount.

"Obviously, they will appreciate all the assistance that is given especially in the aftermath of any natural disaster, but being treated with a victim mentality isn't quite helpful," says the University of Auckland's Sione Taufa.

"If any assistance comes we'll be grateful for it, and if it doesn't we'll try our best to survive. You lean on your neighbours to help you in time of need. Most importantly, it is a trust system."

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Climate change leaves future of Pacific Islands tourism 'highly uncertain'

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Tourist sector bosses in the region are increasingly concerned about the impact of climate change.

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Seetanah B, Fazul S (vol 74 2019) Investigating the impact of climate change on the tourism sector: evidence from a sample of island economies available at: pdf link  (Accessed 02/12/2024)

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(3)journal article: kyle Morris 23083866

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(3)journal article: kyle Morris 23083866

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This academic journal takes a deeper look at the effects of climate change on the tourism industry specifically on island nations. This academic journal takes what was specified in article 2 and takes and deeper look at it on a broader scale. One of the main key points made in the academic report is that climate change does lead to a negative impact on the local economy and leads to higher unemployment in areas that rely on the tourism industry to thrive. This is a bad thing to for businesses in the local area because with a low economic stability it could indicate that businesses could suffer. This journal was chosen because it takes a deeper dive into how climate change is affecting the tourism industry. However, this journal was also chosen because it has high reliability and validity in relation to the chosen question. This reliability of this journal is important because the journal needs to be reliable for the question on the Padlet. This journal is incredibly reliable because it was written by an industry professional and uses multiple sources. The fact that it uses multiple sources raises the reliability of the article because it allows that all the information within the article is correct and uses sources to back it up. Another strength of this report is its validity of the report and how valid it is in relation to the question. This report is incredibly valid to the question because the travel and tourism industry is a major industry in the world. The travel and tourism industry is still comprised of multiple businesses that would care about the state of climate change within the tourist nations in particular because it would affect their business model. However one of the biggest weaknesses of this report is the purpose of the report and what it is trying to achieve. This is because its an academic journal and isnt open to the public and if the public was trying to read this journal, they would potentially find it confusing. This is harmful to the journal because it cant reach a wider audience. However, it also doesn't help the question being asked because it does still answer the question but in a confusing way. In conclusion this academic journal does help answer the question and it incredibly useful to the question because of the deeper dive it takes into the question.

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(4) industry report: kyle Morris 23083866

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(4) industry report: kyle Morris 23083866

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This report focuses on how businesses (specifically McDonalds) is having to change the way they are doing things to stop the climate crisis and help stop climate change. This industry report discusses how climate change can pose as a risk to food supply which affects McDonalds as a company directly and they are implementing changes to help with climate change. In this report they state they are changing their packaging to be completely recyclable, and this shows how they are having to change and adapt to help with the Enviromental impact that major companies are having. This all directly applies to the question that the Padlet is trying to ask because it goes into depth on how a business like McDonalds is having to change and adapt due to the climate crisis. This report was chosen not only because of its reliability and validity but was chosen because it takes into account different ways that climate change is affecting businesses and how they are having to adapt and change because of climate change. One of the main strengths of this report is the reliability of the report. This report was written by McDonalds to discuss their plans on how to help with stopping climate change and what risks climate change poses onto them as a business. The reliability of this report is a crucial thing to consider when answering the question on the Padlet and because the report is from a reliable all of the information within the report is a useable resource in answering the Padlet question. Another major strength of the report is how it is valid to the world in the way it is right now due to climate change and how it is valid to the question that is being answerd on the Padlet. This report is valid to the question because it makes multiple key points thought it that directly answers the question in the way that this section is trying to answer it. However, as any industry report has it also has a weakness. The biggest weakness this report has is that it has a certain level of bias because its McDonalds writing about themselves trying to help secure their own public image. Which could make some of the biggest points in the report become not true as they have a bias opinion on their own company. In conclusion, there are multiple good reasons to use this article. Also, there are multiple arguments to be made against it. However, this article was included in the end because it still creates a unique insight into how a company is having to adapt and change with climate change.

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 Coopla ,M, Blohmke ,J. (2019) 'Feeling the heat? Companies are under pressure on climate change and need to do more' Available at: https://www2.deloitte.com/us/en/insights/topics/strategy/impact-and-opportunities-of-climate-change-on-business.html (Accessed 20/11/2024)

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This article reviews what actions businesses have taken / going to take and how they are under the pressure to enforce more ethical and environmental factors into the business plan. in an interview with over 1100 companies, it is evident that businesses are unaware of the risks of climate change and that most businesses focus on cost-saving effects rather than primarily focusing on the environment. This article was chosen as this article as it very effective at answering the question 'how does climate change affect the business environment' because it clearly outlines how climate change can affect a business, such as severe weather events, shortages of raw materials ect. This can have major impacts on a business financially due to the high insurance costs and repair costs, and if the business is unable to trade, they will lose the revenue coming into the business. Also, another reason why this article was chosen as it is supportive in answering the question as it shows that a lot of businesses are under pressure by their stakeholders to introduce new ethical and environmental practices into the business to help support the planet. This can have a huge financial impact on a business as changing the way they operate, changing the packaging, or bringing new products onto the market require a lot of money to be reinvested into the business which could cause the business to become unsuccessful. On the other hand, this article is also not effective to answering the question as it mainly focuses on the negative factors of climate change on a business, and it doesn't explain any positives about how implementing new environmentally friendly procedures can benefit a business. This report is a biased opinion on how climate change is having a negative impact on business, resulting in not having the opportunity to be able to fully justify whether climate change is having a positive and negative impact on businesses. This article is very reliable as it has been written in the last 5 years, showing its new and current information, proving its reliability. Also, the two authors having a Doctorate degree, shows that these authors and professionals in this field and that it's trustworthy for the information to be correct. To conclude, This article was chosen as this article clearly outlines the negative effects that operating ethically and environmentally has on a business and this article justifies it well, but on the other hand this article doesn't justify the positive impacts on climate change on a business, so this article isn't very effective in that aspect as it is very biased towards the negative aspects.

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In the latest edition of the European CFO Survey, close to 1,200 CFOs were asked about their company’s measures against climate change. The results reveal a mixed picture with measures focusing on short-term cost-savings.

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Pineda R, (2015) Making the climate change issue ''real'' for managers. Available at: PDF link (Accessed 05/12/2024)

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3 )Industry Report: Cameron Airey 23083859

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3 )Industry Report: Cameron Airey 23083859

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The purpose of this academic journal is to cover the pressure that businesses are under and how most businesses owners and managements lack understanding of the importance of climate change. It also investigates why it is important for a business to react to change and to operate ethically to put themselves ahead of all the competition. Firstly, This journal was chosen as it answers the question ‘how does climate change affect the business environment?’ as it explains that there are many government legislations which was introduced in 2008 which relates to targets in reduction of emissions, which can cost a business hugely financially if they need to introduce new machinery, equipment, procedures and training to help cut their emissions to reach the legislation. This can hugely cut profits within a business and can result in its being less successful. On the other hand, this journal also helps to answer the question as it explains that a lot of businesses believe that climate change is not a huge issue and doesn't need to be reacted to urgently, so they will benefit in their expenses as they won't have to pay out in introducing new ethical and environmentally responsible business processes, but also, This article supports in answering the question as not introducing these new procedures can result in the business being at a disadvantage as, due to modern day current changes, consumers prefer to purchase from an environmentally friendly business, possibly resulting in the business becoming unsuccessful. This journal was also chosen as it further supports the questions as further into the article it goes into explaining how climate change can influence the supply chain within business. Within a business, it is very important that the supply chain flows effectively. If one part of this supply chain slows down or stops, this will have major impacts on the business success and reputation, as if it takes longer to get the product to the consumer, then the customer will decide not to purchase from the business again, losing a loyal customer and having an effect on the brand recognition. This journal article was written in 2015, which shows that this article is credible as it is related to modern day time, showing that the information is new and relevant. In conclusion, this article is excellent and supporting answering the question ‘how does climate change effect business environment’ as it explains that businesses are under pressure to be environmentally responsibility to keep ahead of the competition, as falling back can result in a failure of the business. The journal further explains that new government legislation further puts businesses under the pressure and can be very financially impacted from huge expenses to set up and maintain new procedures.

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This article goes into further detail on how climate change affects a business, and how a business should react to these changes. This report states that it is very important for a business to regularly update their operating procedures and products so that they are up to the standard that modern day businesses are expected to hold. This article was chosen as it is very effective at answering the question ‘how does climate change affect the business environment?’ as it states that if business doesn’t react with the modern-day views on climate change, then their competition will have a huge advantage against them and could result in them being unsuccessful. It is significant that a business reacts to these changes and their success in the future is dependent on this. A business must evaluate the risks that climate change can bring to a business and make sure that they implement this into their business plans so that it can remain successful. This article was also chosen as it also supports answering the question as it explains that if businesses don’t act on improving the environment now, then businesses will suffer more in the future from situations such as flooding and wildfires etc which can cost the business hugely financially if damage is caused because of this. This answers that businesses can be hugely affected and could cause businesses to be unsuccessful. On the other hand, this article doesn’t support answering which positives climate change brings to the business environment, showing that the report is biased towards the negatives which doesn’t allow a full evaluation of climate change. This article was written in 2023 which validates that this article is new and relates to modern time and is relevant to this report. This article is also written by a website that specializes in climate change, so the information is reliable and correct. The author, Dirk Visser, is based in ‘sustainable development’ team, which focuses on how the globe can work to implement better practices to support the environment, so further backs up the fact that this source is trustworthy and reliable. In conclusion, this report hugely supports the negative aspects on how climate change can affect businesses, and that huge change needs to be made soon so that there is less impact in future which could have huge consequences on a business. This article was chosen as it answers the question by analyzing what factors a business must take to be sustainable and how this can affect their business if they don’t react. This report is written by a professional author and is written just over a year ago, proving its modern and that the information is all new and related to current day.

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The impacts of climate change are increasingly being felt across businesses in all industries.

Understanding the effects of climate change is key to the long-term commercial success of any business.

This includes understanding not only how climate change will physically affect the business, but also the risks and opportunities as markets transition to a decarbonised economy.

Coming changes in reporting and disclosure requirements are another reason for companies to manage climate change as a strategic issue.

Proposed mandatory reporting requirements

In December 2022, the Australian Treasury issued its Climate-Related Financial Disclosure Consultation Paper, inviting submissions on the introduction of mandatory, standardised, internationally-aligned climate-related financial risk disclosure in Australia.

Under the proposal, large financial institutions and large listed companies would commence mandatory climate reporting in the 2024/2025 financial year.

Reporting requirements would gradually expand to smaller listed companies as climate reporting, independent assurance, and auditing capabilities are developed and institutionalised.

Initially, reporting would align with the disclosure framework recommended by the Taskforce on Climate Related Financial Disclosures (TCFD).

This framework addresses governance, strategy, risk management, metrics and targets. The International Sustainability Standards Board (ISSB) is developing requirements for climate disclosure and will consolidate much of the international reporting landscape, including TCFD. Australian reporting requirements will be updated to reflect the ISSB standards once they are finalised.

Good disclosure starts with good understanding

While not yet mandatory, a large number of Australian companies have already been disclosing climate-related financial risks and opportunities in line with the recommendations of the TCFD.

A key implication from the TCFD recommendations is that reporting and disclosure should be an end product of a process that considers governance, strategy, risk management, and metrics and targets.

The TCFD identifies three categories of climate-related risk: physical, transition and legal.

Physical risks

Physical risks are those associated with the impacts from a changing climate and can be categorised as 'acute' or 'chronic'.

Acute physical risks refer to those driven by climate change-related events, including wildfires, cyclones, hurricanes or floods.

Chronic risks are those caused by longer-term shifts in climate patterns. An example might be risks due to sustained higher temperatures causing sea level rise, regular heat waves, and changed rainfall patterns.

Implications for businesses from physical risks include damage to assets and supply chain disruptions. Financial performance can also be affected by changes in resource availability and the effects of extreme temperatures on operations, transport needs and employee safety.

Transition risks

Transition risks result from the global shift to net zero emissions.

As economies decarbonise, businesses need to adjust to disruptions including policy and regulatory changes, technological innovation, market changes and shifting stakeholders preferences.

Depending on the pace and scale of these changes, transition risks pose varying levels of financial and reputational risks to businesses.

Legal risks

Companies are at risk of litigation if they don't adequately respond to the effects of climate change impacts and climate-related shifts in the regulatory environment. Companies, their directors and their officers are all potentially liable.

Investors and customers are demanding that corporations take sustainability seriously.

There is a growing awareness of greenwashing, which is the misrepresentation of an organisation's sustainability and climate-related risks, policies or credentials. Greenwashing is both a reputational and a legal risk for companies.

More recently there has been a rise in greenhushing, defined as an attempt to cease sustainability and climate-related reporting to avoid greenwashing accusations.

Chair of ASIC Joe Longo has warned greenhushing is ' just another form of greenwashing '.

We can help

Having robust conversations around the financial risks and opportunities that climate change poses is the first step.

Early action to mitigate climate risks and turn them into commercial opportunities is the greater challenge.

MSDI and Climateworks Centre's two-day Climate change and business risk course is designed to help you understand and respond to the risks and opportunities that climate change presents to your organisation.

Working with Monash University experts and guest speakers from industry, the course will help you develop, implement, and interrogate your organisation's approaches for incorporating climate change into strategy, and further your own career in this space.

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How does climate change affect my business? - Climateworks Centre

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The impacts of climate change are increasingly being felt across businesses in all industries. Understanding the effects of climate change is key to the long-term commercial success of any business. This includes understanding not only how climate change will physically affect the business, but also the risks and opportunities as markets transition to a decarbonised [...]

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This article was created to discuss the influence of climate change on the business McDonalds. This article was written by the company itself to discuss the implementation of new procedures and business strategies and performance, how the company can manage any risks involved in climate change, and what opportunities are created from the influence of climate change and concludes with targets they have set within the business. This article was chosen as McDonalds is under a lot of pressure to introduce new climate change strategies, and this industry report clearly outlines this. Firstly, This industry report was chosen is it answers the question ‘how does climate change effect businesses’ as this industry report explains that McDonalds has had to spend a lot of money on redesigning their restaurants to become more environmentally friendly, including introducing new energy efficient equipment such as LED lights, ventilation equipment to reduce gases being released etc, which has costed McDonalds hugely, which will have major affects on their profitability and could result in business failure. Furthermore, this industry report is also effective as it explains that McDonalds is impacted by new government regulations regarding carbon pricing, which McDonalds will need to pay a tax on releasing emissions which will hugely affect their finances and could result in the business being unsuccessful. On the other hand, this industry report is effective as it shows the positive side of climate change on McDonalds. McDonalds has implemented a lot of good change to help support the environment, which has a positive impact on their brand image, resulting in customers choosing to purchase from there more. This is a positive for all businesses as, as more customers decide to purchase from the company, their profits and brand recognition will increase, which results in the business being more successful. Furthermore, there is a lot of evidence to show the reliability and credibility of this source. This was written by the business itself which has a team of professionals in this area. It is structured well and gives thorough depth into the climate change action plan. This was produced this year which shows that the information is modern and relevant to the current time, and that the information relates to the current day state of climate change. In conclusion, this article was chosen as it is very effective at answering the question, it shows good understanding of the positive and negative factors of climate change on McDonalds as a specific business, including good publicity, but also negative effects such as new taxation and development in restaurants to make the business greener is very expensive, and will have an effect on a business’s profit, which can result in the business becoming unsuccessful.