Climate-ready economies are those which understand their risks, take steps to avoid or minimise the impacts of those risks and take advantage of emerging market opportunities and innovations. Whilst changes in practices will be required as Australia navigates toward net zero emissions, there are many benefits that coincide with new emerging markets and increased investment.
Category: The Economy
Enterprise Resilience
The COVID-19 global pandemic saw widespread shifts to adapt to rapidly changing circumstances. Some enterprises were able to pivot and some even prospered whilst others did not. Enterprise risk management and continuity planning is critical to any business operation. Business will be interrupted. Having a plan can provide control over decision-making.
From a community and governance perspective, the health of local businesses is a priority, supporting our access to goods and services to meet needs and to ensure whole-of-community opportunities to thrive in the longer term. Access to employment and income are crucial during times of shock and stress.
Diversification and Innovation
From a governance perspective, economic resilience is related to welfare impacts bade on the ability for the economy to cope and recover and can be influenced by policies aimed at prevention and mitigation (World Bank, 2014 and OECD, 2017). Economic growth is a widely-held aspiration that underpins liveability, and can be impacted significantly by shocks and stresses.
Local and regional economic diversification and a focus on innovation is a key opportunity to strengthen performance, and mitigate against volatility.
