How Businesses Should Adapt to Climate Change and Transforming Energy Markets
As global temperatures rise and weather patterns become increasingly unpredictable, energy demand and supply are being significantly affected. This surge in demand can strain the grid, leading to higher energy prices and potential supply shortages. The key to thriving in this evolving landscape lies in reshaping energy markets by understanding these impacts and implementing adaptive strategies.
Strategies for Businesses to Adapt
To navigate these challenges, businesses need to adopt strategies that enhance their resilience and capitalize on emerging opportunities. Here are some steps companies, such as Walmart , have taken:
Investing in Energy Efficiency: Walmart took the step towards installing efficient LED lighting. By doing this, they have improved energy efficiency and reduced their energy consumption and costs. This makes them less vulnerable to unstable prices, with a total savings of 32%, and limiting global emissions.
Diversify Energy Sources: To mitigate the risks associated with supply disruptions, businesses should incorporate renewable energy into their energy mix, such as purchasing green power, enhancing energy security, and reducing carbon footprints. As seen with Walmart, they have increasingly begun to purchase offsite power from wind farms, becoming a company with the most wind energy used, and have increased their rooftop solar power use by over 35%.
Enhance Climate Resilience: This involves assessing potential climate risks, protecting critical infrastructure, and ensuring that supply chains are robust and adaptable. Walmart implemented a Climate Change Mitigation plan that includes emission reduction targets, a sustainable supply chain, sustainable transportation (e.g. EV fleet), and adaptation to future extreme conditions.
As climate change reshapes energy markets in profound ways, businesses emerge to navigate the complexities of today's markets. At ENERlite Consulting, our team provides tailored solutions that improve energy efficiency and reduce operation costs. With our deep industry knowledge and commitment to sustainability, we provide solutions for your business to not only adapt to climate change but also thrive in a greener future.
Ready to set sustainability goals for your business? Contact ENERlite Consulting today and start your journey toward a more sustainable energy strategy.
