Companies’ climate change risks have previously been difficult to assess and manage. A research project at Denkenatt produces eight success stories and an approach for everyone.
The legislature is trying to encourage companies to become climate resilient through extensive regulatory frameworks. Every project that contributes to method development is therefore important.
Monika Brom, Austrian member of the EFRAG Sustainability Reporting Board
Vienna (OTS) – Chronic temperature changes, persistent heat waves or devastating storms are proven consequences of climate change. The discussion on climate-related disasters currently revolves particularly around politics and society. The fact that climate risks can cause entire business models to falter and thus have an economic dimension has so far been irrelevant in the broad debate. The significance of climate change risks for companies is usually recognized too late, namely when they occur and the financial damage occurs.
This was the topic at issue Research project “Paths to Climate Resilience” funded by the Climate and Energy Fund. Together with eight companies from different industries Denkatt experts Johannes Tintner-Olifiers and Peter Kraus Various success stories have emerged that clearly show that the path to climate resilience works, but the individual paths taken by companies are often different. This was also shown by the final workshop of the research project on November 30, 2023. At the Impact Hub in Vienna, a joint assessment was made – both by the companies and by the invited guests from auditing, the Federal Environment Agency and the insurance industry.
Paths to climate resilience: success stories speak for themselves
As one of the eight companies, the Vienna Energy Over the last year and a half, we have been dealing with the consequences of climate change for the Spittelau waste incineration plant. How Saskia Brabands emphasizes, the internal integration of specialists was an important aspect: “For us, the start towards climate resilience is the dialogue with the technical experts. They know the system best and can estimate what, for example, a change in the water temperature of the Danube Canal means for our processes. Thanks to the project, we have gained extensive knowledge and can now also apply the method to our other plants.”
Mayr-Melnhof can also record another success story, as a company in the paper industry that is highly dependent on wood as a resource. “By exchanging ideas with a scientific specialist, we were able to better characterize the complex risk of forest fires caused by drought and heat waves. “But what’s even more important is that we now understand what needs to be done,” he said Felix Forster, Corporate Sustainability Manager der MM Group. Here, the exchange with a BOKU expert provided more insight into how the risk of forest fires is linked to the transformation towards climate-fit forests. The project helped them to deal with this risk.
KLIEN research project produces solutions for all companies
All eight companies have taken the first important steps towards climate resilience. The examples of success not only show how important it is to involve stakeholders, including internal specialists and science. The respective risks are also highly individual, as are the solutions. What is similar, however, is the Denkatt method derived from the project. With the holistic approach of sustainability experts, every company can be systematically supported on the path to climate resilience in the future. “We have found a way to make climate risks in companies transparent, to evaluate them and to empower employees to find their own solutions,” concludes John Tintner-Olifers together. “But what’s even more exciting is that our approach means they also take into account the complex legal situation and reporting requirements surrounding the CSRD or EU taxonomy. You can now benefit from the obligation in terms of risk management,” emphasizes the senior consultant.
You also want this benefit Monika Brom, Austrian member of the EFRAG Sustainability Reporting Boardwho contributed to the CSRD’s sustainability standards: The legislature is trying to encourage companies to become climate resilient through extensive regulatory frameworks. Every project that contributes to method development is therefore important.
The research project “Paths to Climate Resilience” has already paved important paths for greater resilience in companies. “The climate crisis also poses major challenges for domestic companies. With our programs we support them on their way to climate neutrality and in switching to renewable energy sources. Because independence from fossil fuels ensures greater resilience,” says Bernd Vogl, Managing Director of the Climate and Energy Fund.
With the new method, more companies will be able to embark on their path towards climate resilience in the future and join the eight success stories – for a sustainable economy in Austria.
Questions & Contact:
Samira Romero, Group Marketing Manager
Denkatt GmbH
samira.romero@denkstatt.at