The Impact of Climate Change Mitigation Policies on Business Development

Business development requires new processes to create and deploy growth opportunities between organisations and within the organisation itself. Business development is the creation of long-term value of an organisation from customers, markets, and relationships. Business development can also be any activity of a small or large organisation, non-profit or for-profit company, which in some way "improves" the business. In today's society, business development must be sustainable so as not to harm both the environment and society. Therefore, it can be argued that business development and climate change, today's global issue, are integral components of sustainable business growth. Kauggman and Tebar (2009) argue that business attitudes to climate change are driven by a variety of factors, including government policies and regulation by consumers and other stakeholders.

In recent years, governments in OECD countries have implemented measures to reduce domestic climate policy frameworks, including greenhouse gas emissions. World leaders of the UN recognise that climate change is a problem that requires urgent and decisive actions from government, business, and companies. Business leaders commit to taking practical steps to increase the use of energy and efficiency. In practice, business decisions are driven by government policy, change, consumer demand, and technological innovation.

Sustainable business, from a risk perspective, is a good way to respond to potential impacts on climate. It is generally acknowledged that the Earth's climate is changing and greenhouse gas emissions, caused by human


Climate Change and Sustainable Development

activity-business activity, are increasing. Most large companies currently see managing their greenhouse gas emissions and reducing energy consumption as an integral part of their environmental management practices. Many have set targets to reduce their greenhouse gas emissions, in cooperation with their suppliers and customers to reduce emissions, and encouraged governments to adopt policies aiming at reducing global greenhouse gas emissions. According to Sullivan (2013), most companies have focused their efforts on those actions that provide clear and relatively low returns and those with relatively low costs. As a result, several business strategies of companies are singled out, which would have relatively less impact on climate change. First of all, companies need to rethink their capital investment processes.

For many companies, the single biggest opportunity in the future to prove their business and create long-term business value is when they invest capital in new projects or new products or update existing equipment. If in the process of those decisions climate change is taken into account (e.g. by applying shadow carbon price considering several scenarios of regulation and the physical effects of the climate change), this maximises the likelihood that companies will make decisions that do not involve excessive assets or loss of revenue due to regulatory or other actions on climate change impacts. Companies also need to develop information, knowledge, and experience on climate change. Companies, most negatively affected after the integration of climate change into their business strategies, stress how much time and effort they invest in testing new technologies and new methods. That is, when it comes to investments (e.g. in a new vehicle fleet), they fully understand not only the financial aspects of their decisions (i.e. costs and benefits of a particular technology) but also operational and other effects (e.g. new equipment, availability of specific raw materials).

Therefore, it can be stated that climate change is a strategic issue for business. The companies, which will be best prepared to respond to the inevitable business and social pressures arising from climate change, will be those which have recognised climate change as a strategic business value driving force. Table 3.1 provides opportunities and risks related to climate change for business sectors.

Meanwhile, Fontinelle (2010) in his article identified seven ways climate change affects business development and activity:

1. First of all, emission control systems require capital expenditure. Some companies may have to invest substantial amounts to upgrade polluting installations and install emission control systems to comply with increasingly stringent rules on greenhouse gas emissions. This would largely affect energy and utility companies that operate heavy polluting facilities such as refineries and power plants. According to Smith (2016), in today's society, the focus is on addressing the most important environmental problems that have arisen as a result of economic development and are of considerable concern. For this

Globalisation and Climate Change



Opportunities and Risks Related to Climate Change for Business Sectors



Food industry

  • 1. Increase in global demand due to climate challenges (e.g. drought).
  • 2. Longer growing season of grains, vegetables, and fruits, due to the warmer climate can improve productivity.
  • 3. Countries that are "rich in water resources" will be able to be more competitive compared to other countries.
  • 1. Extreme weather events can affect transportation, refrigeration of raw materials, such as milk.
  • 2. Warmer weather may increase the number of insects carrying dangerous diseases.
  • 3. Current production and market standards are water and energy-intensive and in the future may become more expensive.


1. Growing opportunities to

1. Rising ambient air temperatures can

medicine, new

address global health

lead to a deterioration in the quality


problems caused by climate change.

of water, which has a negative impact on the chemical processes of water cooling.

2. Lots of chemical and pharmaceutical industries are located on the coasts, in particular in Cork Harbour, and the Shannon Estuary, which may be disrupted due to the rising sea levels and the risk of flooding.


1. New insurance products

1. Climate change can create difficulties


related to climate risk may

for global financial markets in terms



2. The risk of investment funds may increase if capital investments are made in assets that are vulnerable due to climate change.

of risk perception, especially with regard to insurance capacity.

2. The sensitivity of the insurance sector will be heightened and most likely to suffer losses from the effects of extreme weather.

Source: Created by authors based on Adaptation to Climate Change: Issues for Business Summary Report.

reason, companies seek to act in environmentally friendly ways or in an attempt to solve some of the problems that industry creates for the environment. Large global companies are making significant investments to reduce environmental pollution. To this end, they use renewable energy sources and implement the latest technologies in the equipment that are less harmful to nature.

2. Potential internal investment funds and trading laws. Under the programme on climate change mitigation by the European Union, which includes emission reduction provisions, a certain emissions target is imposed on companies, allowing them to legally emit only a certain amount of greenhouse gases to the air. Companies that exceed emission standards will have to purchase additional credits,


Climate Change and Sustainable Development

thereby inhibiting profitability. On the other hand, companies with excess credits could sell them for extra money.

  • 3. The range of prices for services and goods. Even companies that do not cause significant pollution may be indirectly affected by climate change laws, as their suppliers and/or consumers may be affected. Price ranges are likely to be caused by large-scale costs due to increased transport expenses or higher electricity prices.
  • 4. Evolution of weather conditions. According to Yongqiang et al. (2010), climate change which is being affected by air pollution is expected to change weather conditions worldwide. Storms are expected to become more severe and cause a number of negative consequences. This is likely to cause higher losses for insurance companies and could make ocean shipping even more dangerous. Established farming areas may become less fertile, which would lead to losses for agricultural enterprises.
  • 5. Change of demand for goods. The combination of changing prices and changing weather patterns is likely to reduce demand. For example, if global temperature rises, demand for cold weather production, such as heating fuel, may decrease.
  • 6. Commitments under the Kyoto Protocol, the European Union Emissions Trading System and other foreign regulations. According to Heakel (2015), it is important to bear in mind that many state-owned companies operate abroad and may be subject to various laws and regulations on climate change. For example, while many countries, such as the United States, have not signed the Kyoto agreement, they have subsidiaries in other countries that are officially trying to comply with the mandate of the protocol. The European Union has an emission credit system for large emitters. It is difficult to assess the potential impact of all this divergent regulation.
  • 7. Changing public opinion on corporate activities. Like Fontinelle (2010) in his article singled out, so did Delventhal (2016) argue that reputation is essential for many companies. Increasingly, negative public opinion is being heard about companies whose activities are polluting the environment. Many companies today try to promote a green image and to contribute to climate change mitigation policies. Companies of this type are improving their activities to reduce environmental damage.

Sullivan (2013) has envisaged based on the scale of greenhouse gas emissions reduction that is necessary to avoid the worst effects of climate change, and due to the performance of the policy actions, a complete transformation of the global economy will be achieved. The author had in mind that not only sectors, such as electricity generation, transportation, and heavy industry,

Globalisation and Climate Change


but also their activities directly contribute to environmental pollution and climate change greenhouse processes, yet the activities of almost every business, business models, and strategy will have to be fully revised. Businesses also contribute and will contribute to reducing greenhouse gas emissions through capital allocation, innovation, and the development of new technologies, as well as by influencing governments' actions on climate change. Richard et al. (2013) could also contribute to the insights of Sullivan (2013), who stated in their article that the European Union has created the world's largest market-based system for reducing greenhouse gas emissions: the Emissions Trading System, which started in 2005. The European Union has established a system that controls the activities and development of companies in such a way as to minimise the negative impact on the environment and climate change. To achieve this, the European Union has introduced emissions charges, standards for greenhouse gas emissions, and the limits that many companies have to respect. At the same time, the European Union has created a favourable space for companies that use renewable energy sources in their activities, by investing in and encouraging them.

In scientific literature, the impact of climate change mitigation policies on business development is examined from both a theoretical and a practical point of view. In particular, climate change mitigation policies are linked to the Paris Agreement, which took place in December 2015. The Paris Climate Agreement aims to prevent the most severe effects of climate change; therefore, the signatory countries agreed to limit the global mean surface temperature increase that, compared with the pre-industrial period, would stay below 2°C. To achieve this goal, the quantity of global greenhouse gas emissions should reach the highest level as soon as possible and then sharply decline. According to the Council of the European Union, the main elements of the new Paris Agreement are as follows:

  • Long-term objective: Governments agreed to keep the increase of global average temperature well below 2°C compared with preindustrial levels, and to make efforts for restriction on 1.5°C.
  • Contributions: Before and during the Paris conference, countries presented comprehensive national climate action plans to reduce their emissions.
  • Ambition: Governments agreed to report every 5 years on their contributions to set even more ambitious goals.
  • Transparency: They also agreed to inform each other and the public of their progress in achieving their objectives to ensure transparency and supervision.
  • Solidarity: The European Union and other developed countries will continue to provide climate finance to developing countries to help them reduce emissions and increase their resilience to the effects of climate change.


Climate Change and Sustainable Development

Rogel et al. (2016) conducted an analysis of the Paris climate change mitigation policy and presented the policy conclusions and their prospects and impact.

Firstly, climate change mitigation policy plans related to greenhouse gas emissions are a historic achievement. The Paris Agreement requires consistent, increasingly ambitious, nationally determined contributions that are subject to strict transparency guidelines. Even since 2015, limiting the increase of the average temperature to no more than 2°C compared with the pre-industrial levels is a societal challenge. National contributions represent a new era for climate policy under the Paris Agreement and are both an invitation and a call for further action. The authors distinguish two promising developments that are the essence of the Paris Agreement. First of all, it is becoming increasingly clear to decision-makers that measures to reduce greenhouse gases have significant socio-economic benefits. The actions of almost all countries improve the prospects for further collective action, which makes it easier to understand additional measures or to strengthen the existing ones. Secondly, the recent unprecedented involvement of nonstate subjects such as businesses, citizens, and religious organisations illustrates the increased awareness and momentum of climate action. Given the high potential for reducing emissions as a result of both of these options, it will be crucial to support and authorise national and non-state actions. This insight also opens up important future studies and evaluations. The research community will have to break from a one-sided climate-policy-oriented approach and develop new concepts and systems to help achieve public objectives, including the portfolio of climate, food and energy security, public health, and other sustainable development objectives.

Meanwhile, Dimitrov (2016) has also examined the Paris Agreement and presented both positive and negative sides of politics. The key provisions include a global objective to keep the temperature increase to "well below 2°C" and "to pursue efforts to limit the temperature increase to 1.5°C" (Article 2) and the objective of achieving the global peaking of emissions "as soon as possible" (Article 4.1). "All Parties are to undertake and communicate ambitious efforts" (Article 2) and "each Party shall prepare, communicate and maintain successive nationally determined contributions that it intends to achieve" (Article 4.2), which shall be revised every 5 years. Throughout the text, the language is strictly worded ensuring progression over time. Developed countries "should continue taking the lead" with all of the absolute emission reduction goals, while developing countries are under a weaker obligation and "should continue enhancing their mitigation efforts, and are encouraged to move over time toward economy-wide emission reduction or limitation targets in light of different national circumstances" (Article 4.4). The accompanying Decision contains a provision that, once it enters into force, Parties are obliged to set a new collective financial goal "from a floor of USD 100 billion per year" (Paragraph 54). The Paris Agreement also creates a market-based sustainable development and carbon trading mechanism

Globalisation and Climate Change


proposed by Brazil and strongly supported by Japan and other developed countries. Global stocktaking is to take place in 2023.

Politically, the Paris Agreement generally favours the developed Nordic countries, which have won most of the central battles. The new climate covenant meets all the key requirements of the United States and is based on a model of global climate governance that Japan proposed in the early nineties: the "pledge and review" system.

The Agreement is the least fair for the African Group and other least developed countries. It does not include references to their particular circumstances.

The advantages of the Agreement appertain to principled obligations to act, regularity and development of national policies, international transparency, and accountability. The Paris Agreement is weaker on the long-term global goal, adaptation policy, compensation for loss and damage, and technology transfer. Most importantly, the Paris Agreement lacks specificity on the international division of labour for reducing emissions. Sharing of responsibility has been a major challenge in global negotiations. The precise link between national mitigation policy "contributions" and the global policy goals is not clearly defined. The complexity and experimental nature of the Paris Agreement make its evolution difficult and have already caused controversy. In the ongoing debate among international lawyers on the character of the Paris Agreement, scholars argue that it is a legally binding treaty creating obligations and a complex combination of binding and voluntary provisions.

Under climate change mitigation policies, including the Paris Agreement, the main instruments for mitigating climate change relate to energy efficiency and renewable energy sources.

Streimikiene (2010) conducted a study identifying the link between energy efficiency-security and climate change mitigation policies (Table 3.2). To create a sustainable integrated European climate and energy policy package, the most recent EU initiative identifies EU energy policy priorities and the close interplay between climate change mitigation and increasing energy security-efficiency. Integrated policy packages can deliver coordinated policies and the effect of the synergy. Policy evaluations should be based on their impact on the key EU sustainable energy policy development goals: greenhouse gas mitigation, energy efficiency improvements, the increase of the use of renewable energy sources, and the increase in the energy consumption. The external costs of climate change and energy security can be used to assess policy impacts in monetary terms.

Table 3.2 presents the synergy between climate change and energy efficiency measures based on the analysis of the EU's energy policy. As already highly discussed in the new energy policy, the European Union is committed to reducing greenhouse gas emissions at least by 40% by 2020 compared with the level of 1990, to increase energy efficiency and by 2020 achieve 10% of the biofuel component to be used in vehicles. Reduction measures for greenhouse gas emissions mainly positively affecting the energy use are illustrated in Table 3.4. The development of carbon collection and storage technologies


Climate Change and Sustainable Development


Interaction of Climate Change and Energy Efficiency-Security

Energy option

Climate change impact

Energy efficiency-security impact

1. Replacement of the Energy Generation

Promotion of renewable

Zero GHG emissions

Renewable energy sources can

energy sources

often be obtained domestically

Move from lower to higher

Higher GHG emissions

Coal is a substantially secure source

carbon amount

of energy as each country has domestic suppliers

Move from higher to lower carbon amount

2. Change in Transport Fuel

Lower GHG emissions

Depends on the country

Increase in biofuel use

Zero GHG emissions


Increase in natural gas use



Increasing import diversity

Depends on the country


Growing fossil fuel production in the country

Depends on the fuel type


Clean energy technologies



Carbon collection and storage technologies



Source: Created by authors based on Streimikiené (2010).

is also an important factor in securing future energy supplies. EU carbon market development and an open and competitive internal energy market would also help to increase energy efficiency and security; however, prior to the implementation of all policies and measures, they need to be aligned with energy policy development goals (reducing greenhouse gas emissions, increasing energy efficiency, increasing use of renewable energy sources, and increasing energy security) by assessing the impact of key EU sustainability measures.

The real impact of climate change mitigation policies on the business sector includes studies on how the business sector responds to climate change mitigation policies.

Media seems not to influence the perception of the mitigation policy or the implementation of this policy. Both the United States and South Africa had higher media attention on climate change; still, both countries see economic growth as more important than environmental protection. Therefore, media attention does not provide public support for climate change mitigation policy nor does it contribute to the implementation of that policy. In Germany, meanwhile, environmental protection comparing with economic growth is more important. In this country, climate change mitigation policies are assessed and strictly adhered to.

South Africa has relatively high emissions for a developing country, mainly due to its carbon-intensive energy structure and dependence on mining and

Globalisation and Climate Change


minerals processing. South Africa's climate change mitigation policy was assessed on the basis of the country's ability to target its most intense emission categories, i.e. electricity, transportation, and industry. For example, the average energy emission level of a developing country is typically 49%, while South Africa accounts for almost 80% of its total emissions. Electricity generation accounts for half of South Africa's energy emissions and only slightly less than 40% of all emissions. The share of industrial transport and energy consumption contributed just under 10%, and emissions from industrial processes accounted for about 14%. Agriculture and land-use developments in South Africa account for 5% (National Climate Change Response White Paper 2011).

In Germany, the 2014 Climate Action Programme is one of the most advanced climate mitigation policies in the world. It commits to reducing greenhouse gas emissions by at least 40% by 2020. Germany will engage in emission trading, promote to invest in higher energy, increase in regulations for reducing greenhouse gas emission and renewable energy to target its industrial sector, and thus implement climate change mitigation policies. Germany will tax fuels used for heating purposes within households and implement subsidy programmes to promote the use of renewable energy in its heat market to reduce household energy consumption.

The United States has recently adopted several mitigation policies, but all of them are selectively focused on a single emissions sector. The focus is on the United States transport sector, which is the most emissions-intensive sector. The United States also promotes the use of low-sulphur fuel, coal, and natural gas and promotes the use of market principles like emission banking and trading and, however, does not set deadlines or penalties for not utilising these programmes.

Whereas the objectives of climate change mitigation policy are closely linked to energy, Bassi et al. (2013) conducted a study providing UK business insights on energy and climate change policies (Table 3.3) and examined the impact mitigation policies have on the UK business sector.

According to Bassi et al. (2013), the views of these business sectors on the impact of climate change policy and the environment have shown that climate change policy is relatively relevant in today's business model and development opportunities, not only in the United Kingdom but also worldwide. Clearly, the relatively narrow sample of companies surveyed means that the evidence is not exhaustive, but provides useful information on business perceptions of energy and climate change policies. The authors of the study presented how a separate climate change policy affects business sectors in the United Kingdom. Table 3.4 provides indirect carbon taxation indicators for key energy and climate change policies.

UK businesses have several directions on climate change policies. Some of them represent the direct cost incurred by enterprises when consuming a certain amount of energy. There is also policy applied at the point of production ("upstream"), but their costs are passed on to "downstream" energy


Climate Change and Sustainable Development


Business Insights on Energy and Climate Change Policy in the United Kingdom


An energy supplier

An electrical goods

A building material

Business Insights on Energy and Climate Change Policy in the United Kingdom

The European Union Emissions Trading Scheme (EU ETS) had a positive impact on low-carbon investments since they were first introduced, but a

major shortcoming has been the system's failure to deliver a long-term, sustainable and consistent price. "Consistent" means that "the ETS price should avoid boom and bust cycles and provide greater stability to low-carbon investments by continually reflecting the carbon price". In parallel, however, the reform of the EU ETS is considered necessary to ensure a coherent price signal and to enable the carbon market to respond to future unforeseen economic circumstances.

Overall, the business believes that the UK government has been learning from experience and improving energy and climate change policies over recent years. It also believes that domestic policies would be more effective if they tackled carbon dioxide emissions at source, rather than at the point of energy use, as some of them do currently.

manufacturer discounts provided by climate change agreements is a useful incentive, as it

Half of the emissions from this business are controlled by climate change agreements. This business believes that the system of targets and tax effectively allows for double saving on energy bill - first through a discount on the climate change levy, and again through energy efficiency savings. Senior management can easily "sign up" to this type of incentive and therefore support the energy efficiency investment needed to ensure compliance. The tax relief offered under the enhanced capital allowance has also a positive impact on investments in enterprises of low carbon emissions. The carbon reduction commitment energy efficiency scheme is not applied to business, but the investments of large scale were initially invested in order to prove its non-eligibility. The Green Deal is not considered to be very cost-effective, given its relatively high-interest rate compared to the interest rates that the company can secure through conventional bank loans.

The complexity of the policy is an important issue for this business. As a large and complex business with many large and small locations across the

manufacturer country, it depends on different climate policies that overlap and interact.

Furthermore, companies consider that the administrative costs associated with compliance with the carbon reduction commitment energy efficiency scheme are particularly high. As far as climate change agreements are concerned, although they are a good incentive to invest in energy efficiency, long negotiations on the objectives set out in the agreements have resulted in relatively high administrative costs. The climate change levy, in contrast, has low administrative costs, but its impact on investment decisions has so far been relatively low, as it is considered as the part of the operating costs of the business rather than a real lever for investment. Policy uncertainty, including uncertainty about the price of the European Union Emissions Trading Scheme, is perceived as a "drag" on low-carbon investment. Policy credibility, on the other hand, can make policy much more effective. In this respect, the company considers the landfill tax to be a positive example, as its objective has remained clear and consistent over the time between governments.


Globalisation and Climate Change


TABLE 3.3 (Continued)

Business Insights on Energy and Climate Change Policy in the United Kingdom


Business Insights on Energy and Climate Change Policy in the United Kingdom

A retailer

About 40% of the emissions generated by a retailer are included in climate change agreements while the rest are subject to the full rates of the climate change levy. Its high emissions are also subject to the carbon reduction commitment energy efficiency scheme. It is considered to be the biggest financial and administrative burden for all energy and climate change policies. Indirect policy costs, passed on through electricity prices, are also considered significant, in particular for renewable energy. At the same time, the retailer reports that renewable energy and the feed-in tariff scheme were a positive incentive to invest in renewable energy sources. In general, the business notes that overlaps and inconsistencies between policies mean that it pays for its carbon emissions several times over. Subsidies for renewable energy sources are considered to be disproportionately high and not always well targeted. Political uncertainty is considered as a fundamental issue. Increasing the certainty of political costs and their future increase is considered to be important in order to prevent future energy prices from rising too sharply and unpredictably.

Source: Created by authors based on Bassi et al. (2013).


Instruments of the Climate Change Mitigation Policy in the Energy Sector of the United Kingdom




The Number of Companies



CCL (Climate

Change Levy)

Tax on energy use

All sectors (except for very low amount of energy using sectors)


EUR 600 million


Tax on energy use For energy intensive users



Tax on carbon

Medium/large companies consuming more than 6,000 MWh/ year


EUR 700 million


Cap and trade system

For energy-intensive users


EUR 300 million


Subsidy to renewable resources

Energy suppliers and renewable electricity generators


EUR 2,000 million


Subsidy to renewable resources

All sectors, using renewable energy resources


EUR 150 million


Loan on energy efficiency devices

All sectors




Subsidy to renewable heat

All sectors


EUR 40 million

Source: Created by authors based on Bassi et al. (2013).


Climate Change and Sustainable Development

users through higher electricity prices. These include the EU ETS itself (where it applies to power generators), as well as measures supporting renewable energy, for example, the Renewables Obligation (RO) and the small-scale Feed-in Tariffs (FITs). Other policy directions provide financial support to companies investing in low carbon and energy efficiency technologies, without affecting electricity costs. These include the Renewable Heat Incentive (RHI) and the Green Deal. Subsidies are also available for research, development, and deployment of low-carbon technologies. These policy directions vary widely in terms of their structure, impact and type, the implicit carbon tax they levy on used energy, and the overall costs.

Not only foreign but also Lithuanian scientists have delved into climate change mitigation policies and its impact on business sectors. Balezentis et al. (2016) conducted a study to examine whether the Lithuanian economy is achieving the stated objectives of the European Union's climate change mitigation policy. To determine the environmental performance of selected economic sectors in Lithuania, the World Input-Output Database was used.

The results showed that between the year 1995 and 2009, energy consumption and carbon dioxide emissions decreased by approximately 12%. The key engine for energy consumption and emissions was a decrease in energy intensity (a decrease of more than 50%), while the carbon factor decreased by 12%. Therefore, the energy combination in the analysed economic sectors can be further improved. In fact, only oil production showed an increase in energy intensity. The researchers also established the Environmental Performance Index (EPI). Analysed economic sectors were divided into four groups based on the average EPI and its growth rate. Sectors of pulp, paper, and agriculture were indicated as the best performing group with the highest average EPI and the highest growth rate. Sectors of oil extraction and air transport were distinguished as the ones with the lowest environmental profile. The latter sectors should, therefore, be of particular importance in the development of sustainability strategies. According to the authors, the fuel mixture change of economic activity may be the most important factor in the air transport sector's environmental performance and clean technologies in the oil sector sustainability improvement basis. The energy sector has improved its relative productivity; notwithstanding this, the value of the EPI has remained relatively low. Thereby, the development of sustainable energy production and consumption still needs to be intensified in Lithuania. Changes in the structure of energy production sources can also contribute to the improvement of environmental performance in Lithuania.

A summary of the key findings of the research performed by the authors in terms of climate change mitigation policy is presented in Table 3.5.

The majority of large companies currently see managing their greenhouse gas emissions and reducing energy consumption as an integral part of their environmental management practices. Many have set targets to reduce their greenhouse gas emissions, in cooperation with their suppliers

Globalisation and Climate Change



Key Findings of the Research Performed by the Authors in Terms of Climate

Change Mitigation Policy

Author and Years

Key Findings

Rogel et al. (2016)

Greenhouse gas reduction measures have many socio-economic benefits. The involvement of businesses, citizens, and religious organisations illustrates the increased awareness and higher acceleration in terms of the climate.

Dimitrov (2016)

In political terms, generally, the Paris Agreement favours the developed Nordic countries that have won most of the main battles. The Agreement is less fair for the African groups and other least developed countries.

Streimikiene (2010)

The priorities and objectives of European climate and energy policy are closely interrelated. Measures to implement climate change mitigation policy: renewable energy sources and energy efficiency.

Kelly (2016)

Climate change mitigation policy is now receiving an increasing response and public engagement.

Bassi et al. (2013)

Climate change policy is relatively relevant in today's business model and development opportunities, not only in the United Kingdom but also globally.

Balezentis et al. (2016)

The development of sustainable energy production and consumption in Lithuania still needs to be intensified. Changes in the structure of energy production sources can also contribute to the improvement of environmental performance in Lithuania.

Source: Created by authors.

and customers aiming to reduce emissions, and encouraged governments to adopt policies aimed at reducing global greenhouse gas emissions. Similarly, companies are contributing and will contribute to reducing greenhouse gas emissions through capital allocation, innovation, and the development of new technologies.


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