Climate change is inevitable but the question is how do businesses adapt to this?

Mahendra Kumar, a Climate Change Technical and Policy Expert, suggested ways businesses can adapt to this at the 2016 Top Executives (TOPEX) Conference.

He said firstly, businesses need to plan risk management strategies and get insurance etc.

Mr Kumar spoke on the theme: “Dealing with Climate Change in a 1.5C World: Challenges and Opportunities for Businesses – IT IS ALL OUR BUSINESS”.

The conference concluded at the Sofitel Fiji Resort and Spa on Denarau Island yesterday.

He looked at adaptation on an economic level as well.

He suggested businesses might want to think about greater investment in new low carbon technologies and business models.

Mr Kumar further indicated that changing business models in power generation were needed as well as huge potential for more technological innovation which can be tapped into.

“Hotels and resorts I know in this part of the country (West) are doing a lot of good things but I think there is scope for more,” he said.

Mr Kumar stressed greenhouse gas emissions from the transport sector is increasing faster and the idea of owning more electric vehicles is easier said than done.

“You need right policies, infrastructure and the roads for that as well. So I think there is a lot to be done,” he said.

Mr Kumar said businesses need to do robust planning today – this would be for the short term, medium term as well as for the long term.

“But it is important to remember that a plan is not stagnant – it needs to keep changing. That is the only way you will stay ahead of competition,” he said.

“What is critical is the execution of the plan. Stay ahead and you and your business will lead.”