British Petroleum Company Risk Assessment

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British Petroleum Company Risk Assessment

The issues related to climate change have attracted a lot of attention and have become a part of the agenda of socially responsible companies. Thus, many companies tend to implement research on development of ways to reduce negative impacts of industries on the environment (Where do companies stand on responsible corporate engagement 2014). Being environmentally responsible makes a company more competitive as people tend to buy form such companies.

However, only few companies are truly concerned with the issue. Apart from financial gains, the companies may benefit from investing into research and implementation of environmentally-friendly technologies as this will make them more prepared to climate change that is inevitably coming (Fenech & Maclellan 2007). Thus, companies producing and relying on natural resources have to understand that these are non-renewable resources and the companies future prospects are quite doubtful (Carter et al. 1994).

British Petroleum (BP) is one of such companies. It is one of the largest oil and gas producers in the world. It provides such products as fuel for transportation, lubricants, petrochemicals, energy for light and heat (BP PLC 2015). Its major competitors are Exxon, Royal Dutch Shell Plc and Chevron Corporation. The company has facilities and subsidiaries in all parts of the world and employs thousands of people worldwide.

As any company relying on production of natural resources, BP has a significant impact on the environment. It often negatively affects biodiversity. Climate change is likely to have a considerable effect on the company as increasing temperatures and decreasing resources will force the company to develop new techniques of production and distribution of its products. Besides, the company will have to develop an image of an environmentally responsible organization to remain competitive in the modern world where communities and are becoming more empowered.

Reference List

BP PLC 2015.

Carter, TR, Parry, ML, Harasawa, H, Nishioka, S 1994, IPCC technical guidelines for assessing climate change impacts and adaptation.

Fenech, A & MacLellan, J 2007, Rapid assessment of the impacts of climate change, in A Fenech & J MacLellan (eds), Linking climate models to local decision-making, Environment Canada, Toronto, pp.83-131. Web.

Where do companies stand on responsible corporate engagement in climate policy? 2014. Web.

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