Details

Written by Miia Chabot Professeure permanente à ESSCA School of Management – Angers, chercheure associée à Arts et Métiers Institute of technology.

Category: Vie et Sciences de l'Entreprise 220

Published: October 20 2024

Hits: 52

Heat waves or cold snaps, drought or extreme humidity, storms, episodes of intense rain or violent winds, floods, coastal submersion: the list of climatic perils is as long as it is devastating. The direct consequences of global warming, these extreme events manifest themselves in a variety of forms, disrupting everyday life and calling for far-reaching solutions.

Implementing such solutions is a real challenge for companies, however, as it is no longer conceivable to rely solely on 'insurance navigation' approaches (Bouleau, 2018). Traditional financial mechanisms have revealed their limits, faced with risks whose scale makes coverage difficult, if not impossible. In England, one property in six is exposed to the risk of flooding (Lux and Skouralis, 2023). In France, the insurance stakes for local authorities, particularly those with more than 5,000 inhabitants, are growing significantly (Husson, 2024). SMEs are not ready for climate risks (Kindermans, 2023).

It's a challenge that goes beyond the insurance industry, as it concerns all aspects of the company. Health and working conditions, business continuity plans, management of teams, storage and IT back-up sites, connection to the telecoms network, adaptability of the supply chain, establishment of new sites and reorganization of supply chains... these are just a few examples of the extent to which the climate is having an impact, and the extent to which companies have a real need for support.

Alongside these needs, companies are also faced with new climate reporting requirements. The aim is clearly to better assess and understand their vulnerability to climate risks, with a view to strengthening their resilience. However, many questions remain unanswered. Do these new regulatory requirements really make it possible to achieve this objective? On what basis should climate vulnerability be assessed? What does the future hold for us in the GIEC's 'Business as Usual' scenario? What actions need to be taken in this context to prepare effectively? How can we support decision-makers in implementing these actions?

Building corporate climate resilience is a vast undertaking, which this special issue explores in three key areas. The first, by Christophe Maurel and Benjamin Benoit, examines how an organization's management can be made resilient. Do the fields of accounting, control and auditing offer suitable tools for assessing climate resilience? Does 'sustainable' reporting really contribute to improving an organization's resilience? In addition, this article provides an in-depth analysis of the evolution of the concept of climate resilience throughout history, and highlights the importance of this topic in the light of current events.

The second section looks at how the financial sector is helping to build climate resilience, with bankers at the forefront. Francesc Relano and Elisabeth Paulet's article shows how materiality matrices provide banks with a relevant tool for assessing and prioritizing environmental, social and governance (ESG) issues, taking into account two distinct perspectives: financial materiality and impact materiality. This innovative approach is not without its shortcomings, however, and the article takes an in-depth look at the issues surrounding greenwashing. Following on from these analyses, the article by Pâmela Maria Lima Dos Santos and Ana Claudia De Araujo Moxotò looks at the impact of ESG ratings on companies' ability to attract investment, with a case study focusing on Brazilian companies. Looking beyond ESG ratings, Jonathan Labbé, Abdel Malik Ola and Vivien Lefebvre explore the financing of green innovation in France. They examine how collaborations between business angels and startups can help green innovation succeed.

The final instalment of this special issue focuses on the necessary transformations in terms of professions, training, and above all managerial culture imposed by climate resilience. Fabrice Mauléon explores the new skills required in the face of climate challenges, with a particular focus on design thinking and artificial intelligence to devise innovative solutions combining humans and machines. To conclude this issue, Tamym Abdessemed's article invites us to reflect critically on the current managerial culture in companies. Is this culture adapted to the challenges of climate change? What role should management training play in this context? Are higher education and research institutions responding adequately to companies' needs in this area?

The stakes are high. It's up to us to play our part.

I'd like to end this editorial by thanking the VSE team for their interest in the project and their support throughout the stages leading up to this publication.

Thanks to Daniel Bretones, for his involvement in the editorial process, and to Thibaut Cuenoud for his suggestions. Thanks also to Catherine Deffains-Crapsky, Anne Goujon-Belghit and Jocelyn Husser. Finally, I'd like to thank the entire review committee for their hard work and dedication.