Relationship between Climate Change and Business Risk: Strategies for

Adaptation and Mitigation: Evidence from a Mediterranean Country

STAVROS KALOGIANNIDIS1, DIMITRIOS KALFAS2, CHRISTINA PATITSA3,

MICHAIL CHALARIS4

1Department of Business Administration,

University of Western Macedonia,

GREECE

2Department of Agriculture, Faculty of Agricultural Sciences

University of Western Macedonia

GREECE

3Department of Tourism Management,

University of West Attica

GREECE

4Department of Chemistry

Democritus University of Thrace

GREECE

Abstract: - Global corporate operations are facing significant challenges as a result of climate change.

Businesses are exposed to a variety of dangers because of their effects, which might include anything from

changing regulations to excessive weather. The objective of this research is to examine the connection between

business risk and climate change, with a particular emphasis on the success of different adaptation and

mitigation tactics used by Greek companies. A cross-sectional study was carried out among 345 enterprises in

Greece using a quantitative research methodology. To investigate the relationship involving company risk

management, adaptation, and mitigation plans with climate change risks, descriptive, correlational, and

regression analyses are employed. Businesses are most distressed about the financial risks associated with

climate change, followed by supply chain disruptions and physical hazards. Moreover, developing climate-

resilient infrastructure and enhancing catastrophe preparedness have evolved into vital adaptation tactics. Also,

converting to renewable energy sources is the most preferred approach to mitigation initiatives. Furthermore,

the study demonstrated a significant positive correlation between climate change mitigation strategies and

effective business risk management. Nevertheless, as perceived climate change risks increased, business risk

management effectiveness decreased. The study suggests that Greek businesses are actively engaging in climate

change risk management strategies that embrace both adaptation and mitigation strategies. Yet, the study

recommends a continued focus on developing resilient infrastructure and collaborative efforts with local

communities, governments, and NGOs. Businesses should also prioritize the shift to renewable energy sources

to better mitigate their carbon emissions. This research contributes significantly to understanding how

companies can strategically address the challenges of climate change. Furthermore, the study provides valuable

insights into the dynamics of climate change adaptation and mitigation in a specific geographical area, thereby

enhancing the global dialogue on climate resilience and sustainable business practices.

Key-Words: - Climate Change, Business Risk Management, Adaptation Strategies, Mitigation Strategies,

Renewable Energy, Greece.

Received: July 17, 2023. Revised: April 16, 2024. Accepted: June 5, 2024. Published: July 3, 2024.

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Change (IPCC) has consistently underscored the

growing impacts of climate change, as detailed in its

most recent report [4]. This issue has shifted from a

distant threat to an immediate concern with

widespread ecological, social, and economic

implications [5]. According to the World

Meteorological Organization (WMO), the decade

from 2011 to 2020 was the hottest on record, with

global temperatures about 1.2°C above pre-

industrial levels. The rise in temperatures has led to

more frequent and severe extreme weather events,

such as hurricanes, droughts, floods, and wildfires

[6]. For instance, the occurrence of Category 4 and

5 hurricanes has surged by approximately 25% since

the 1980s. These events cause not only immediate

destruction but also have long-term economic

effects [7]. Thus, climate change extends beyond

environmental concerns, bearing significant

economic consequences. According to the Global

Commission on the Economy and Climate the direct

economic impacts of climate change, which include

losses to agriculture, infrastructure, and public

health may total $360 billion and $971 billion,

respectively, between 2030 and 2050, [8]. In

addition, the shift to a low-carbon economy, which

is required to slow down global warming, will alter

markets and sectors, providing both possibilities as

well as hazards for companies. Also, businesses, as

major economic engines, are both accountable for

and susceptible to climate change. Yet, they are

exposed to significant risks such as the effects of

climate change, supply chain disruptions,

modifications to regulations, and reputational harm

resulting from carbon emissions, [9], [10].

Nevertheless, businesses perform a crucial role in

climate change mitigation by implementing

innovative ideas, sustainable practices, and carbon

reduction initiatives. Therefore, integrating climate

change into risk assessments and strategies is

emerging as a priority in business operations

worldwide, [11].

Greece's varied economy and landscape present

a compelling case for examining business risk in the

context of climate change [11], [12], [13]. The

country grapples with climatic challenges including

rising temperatures, decreased rainfall, and

escalating wildfires [14], [15]. As a result, critical

sectors such as infrastructure insurance, tourism,

agriculture, and energy are expected to be adversely

affected. Gaining insight into how Greek businesses

perceive and manage climate risks is essential for

developing innovative adaptation and mitigation

strategies that enhance resilience and promote the

climate agenda [16], [17]. This study explores the

interplay between climate change and economic

risks in Greece, offering valuable contributions to

the broader discussion on global climate resilience

and sustainability.

1.1 Problem Statement

The increasing intensity and frequency of severe

weather events underscore climate change as a

major global commercial concern, significantly

impacting various industries [18], [19]. The

Intergovernmental Panel on Climate Change (IPCC)

predicts that global mean temperatures will rise by

1.2 degrees Celsius above pre-industrial levels by

2020, establishing a clear link between rising

temperatures and the intensification of extreme

weather phenomena such as hurricanes, droughts,

floods, and wildfires [4]. The business sector is

acutely aware of these climatic disruptions. A report

by the Carbon Disclosure Project (CDP) indicates

that over 85% of Global 500 companies recognize

climate change as a substantial risk to their

operations, supply chains, and financial stability

[20], [21], [22]. Moreover, the World Economic

Forum's Global Risks Report identifies

environmental hazards related to climate change as

the top global risks in terms of both likelihood and

impact [23]. Despite heightened awareness of

climate change as a critical business risk, there

remains a considerable knowledge gap regarding its

effects on different businesses and the strategies that

can be employed to manage and mitigate these

threats effectively. Climate change impacts are not

uniform; they vary by industry, region, and a

company's adaptive capacity [24]. Consequently,

businesses often lack a comprehensive

understanding of the types and scope of climate

change risks relevant to their activities. Greece

serves as a pertinent example of this information

gap due to its susceptibility to heat waves, sea level

rise, and other extreme weather events. Recent

studies reveal that Greece's average annual

temperature increased by 1.5 degrees Celsius

between 1901 and 2018, significantly higher than

the global average [12]. This temperature rise has

adversely affected the Greek economy, especially in

the energy, tourism, and agriculture sectors.

Addressing this knowledge gap is crucial to equip

Greek enterprises with effective climate change risk

management capabilities. Therefore, Greek

businesses must develop robust adaptation and

mitigation strategies to tackle climate change risks

and foster sustainable economic development [25],

[26], [27].

Human activities are the primary drivers of climate

change, which has rapidly become one of the most

urgent challenges for the global community [1], [2],

[3]. The Intergovernmental Panel on Climate

1 Introduction

1.1 Background to the Study

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1.2 Research Questions

The main aim of this study is to investigate the link

between climate change and business risk,

specifically emphasizing the identification of

actionable adaptation and mitigation strategies.

1.3 Study Objectives

• To explore a range of climate change

adaptation strategies and analyze their effects

on managing business risks.

• To assess the influence of different climate

change mitigation strategies on business risk

management.

• To investigate the various climate change

risks that businesses face and determine their

impact on business risk management.

1.4 Research Questions

1. What climate change adaptation strategies are

available to businesses, and how do they impact

business risk management?

2. What are the different climate change

mitigation strategies that businesses can implement,

and how do these strategies influence business risk

management?

3. What are the specific climate change risks

associated with businesses, and how do these risks

affect business risk management?

1.5 Research Hypotheses

Hypothesis 1. (H1). Implementation of climate

change adaptation strategies significantly reduces

business risk across various sectors in Greece.

Hypothesis 2. (H2). The adoption of climate

change mitigation strategies leads to a notable

decrease in business risk in different industries in

Greece.

Hypothesis 3. (H3). The severity and frequency

of climate change-related risks have a direct and

significant impact on business risk management

practices in Greece.

1.6 Significance of the Study

This study is significant as it provides actionable

insights for businesses to strategically plan for and

adapt to the realities of a changing climate, ensuring

long-term sustainability and resilience.

2 Literature Review

2.1 Climate Change and Business Risk

Climate change has ushered in a new era of risks

and uncertainties for businesses worldwide [6], [28].

Scientific consensus indicates that climate change is

a real phenomenon, evidenced by a continuous rise

in global temperatures. It is estimated that since the

late 19th century, the average global temperature

has increased by approximately 1.2 degrees Celsius

[29]. Human activities, particularly deforestation

and the use of fossil fuels, are the primary drivers of

this upward trend. Extreme weather events such as

hurricanes, droughts, wildfires, and floods are not

only becoming more frequent but also more

destructive. According to data from the United

Nations Office for Disaster Risk Reduction

(UNDRR), there were 7,348 large catastrophe

occurrences worldwide between 2000 and 2019,

resulting in 1.23 million fatalities and economic

damages surpassing $2.97 trillion, [30]. A

considerable amount of these losses is attributable to

climate-related calamities. These climate-related

disasters have a significant budgetary impact,

particularly on businesses. There are significant

effects on operations, infrastructure, and supply

networks. According to World Economic Forum

research, natural catastrophes, severe weather

events, and the inability to mitigate and adapt to

climate change were predicted to be the top five

global hazards in terms of likelihood in 2020, [23].

Businesses are also realizing the hazards that

transition risks present. Further, governments

globally focus their interest on addressing climate

change with an emphasis on decarbonization and

green policies, [31]. In this context, businesses that

do not comply confront regulatory penalties, harm

their reputation, and decrease their market value. As

a result, comprehension and regulation of climate

change-related physical and transitional risks have

emerged as critical issues, [8], [32].

According to another study, [33], although the

amount of climate threats differs among regions,

businesses can gain significant insights into

geographical aspects of climate change risk. For

instance, increasing sea levels and the possibility of

more frequent and powerful storms might put

coastal places at greater risk, while inland locations

would face a variety of challenges like changed

precipitation patterns that could have an impact on

agriculture. Therefore, businesses that operate in

many areas may find these insights especially

helpful since they must customize their risk

management plans to the unique circumstances of

each location, [34], [35], [36].

A study [37], examines the complicated link

between a nation's environmental performance,

credit risk, and climate change commitment,

focusing on international banks. The study, [37],

also note that environmental and climatic issues

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may severely affect the finance business. However,

IPCC, [38] used real data to demonstrate how

environmental performance in a country might

affect foreign banks' credit risk. The report states

that foreign banks' credit risk exposure varies

according to host nation's environmental laws and

regulations, which has major implications for

financial institutions operating in areas with

different environmental regulations because they

must assess their climate-related credit risk, [38].

The researchers, [2], also emphasize the growing

importance of environmental and climate risk

assessments in banking and finance. As worldwide

awareness of climate change and environmental

sustainability grows, investors, regulators, and

consumers examine financial institutions'

environmental policies and risk management

techniques. The authors, [6], also discuss

partnerships and collaborations with banks that

prioritize climate change mitigation and show

environmental responsibility for businesses in

renewable energy, sustainable agriculture, and green

technology. Partnerships may increase financial

resources and lower borrowing costs, providing

members with a competitive advantage, [39].

The study, [28], examines how UK firms are

reacting to climate change business risk and carbon

disclosure. Businesses disclose their greenhouse gas

emissions, climate change risks, and sustainability

actions via "carbon disclosure". This method is

becoming more common as investors and

stakeholders demand climate transparency. The

research found that carbon disclosure significantly

affects firm risk, [40]. The investigation, [41], found

that clear carbon data disclosure reduces risk.

Therefore, transparent carbon disclosure implies

investors, analysts, and stakeholders to better

comprehend a company’s exposure to climate-

related risks. As a consequence, it becomes possible

to make better-informed investment decisions, [40],

[42], [43]. As a result, investors’ confidence and

credibility are increased when businesses provide

complete and accurate information about their

carbon emissions, climate strategy, and risk

management initiatives, [18], [44], [45].

Furthermore, the study [11], emphasizes the

significance of acknowledging climate change as an

immediate and potentially catastrophic hazard, as

well as a long-term commercial concern. Companies

may be unprepared for the disruptive and

catastrophic effects of climate change if their risk

assessments and planning do not consider these

severe scenarios. Moreover, the research

emphasizes how climate hazards are interrelated

across industries and geographical areas, [18].

Concretely, a catastrophic climatic catastrophe that

occurs in one region of the world could have a

significant impact on financial markets, corporate

operations, and international supply networks. The

interconnection emphasizes the importance of

corporations adopting a global perspective and

collaborating across borders to successfully address

climate change, [46].

Businesses are subject to transition risks

because of the change to a low-carbon economy,

claims -the analysis, [29]. Policies and initiatives to

reduce greenhouse gas emissions are being

implemented by governments, regulatory agencies,

and financial institutions more often, [47], [48],

[49]. These regulations include clean technology

subsidies, emission reduction goals, and carbon

pricing schemes. In contrast, businesses that fail to

adapt to these new rules risk their assets and suffer

financial losses, [8], [32]. Yet, transition risks are

exacerbated by evolving consumer preferences

requiring sustainable products and services. In this

line, The investigation, [46], noticed that 81% of

global consumers believe that businesses should

help improve the environment. On the other hand,

failure to adapt to these market dynamics can lead to

reputational damage and market share loss.

2.2 Adaptation Strategies in Response to

Climate Change

Climate change is a global challenge that poses

significant risks to businesses across industries, [4],

and adopting adaptation and mitigation strategies

tailored to their unique circumstances is required to

navigate hazards and ensure long-term

sustainability, [50].

The researchers, [51], say resilient infrastructure

is one of the most essential climate change

adaptation measures. The design, development, and

management of resilient infrastructure allows

physical assets and systems to endure and recover

from climate-related shocks and stressors. The

rising frequency and intensity of severe weather

events and their dangers to companies and

communities globally underline the need for

infrastructure, [21], [22], [52]. Climate resilience is

emphasized, followed by climate impact forecasts

using climate data and future scenarios. According

to the publication, [12], engineers and architects

may use improved wind load regulations to ensure

constructions can resist stronger storms and

typhoons.

Resilient infrastructure requires public-private

collaboration. The authors, [16], believe that

governments set resilience criteria, enforce

legislation, and invest in key infrastructure. Public-

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private partnerships are growing as private

companies fund and advise infrastructure initiatives,

[8], [53]. However, investment in solid

infrastructure pays off. In 2020, the Task Force on

Climate-related Financial Disclosures (TCFD)

estimated that investing $1.8 trillion in resilient

infrastructure over 10 years might yield $7.1 trillion

[24]. These benefits include greater public health,

increased economic production, and reduced

climate-related damage, [54], [55], [56].

According to the study, [51], a growing number

of companies are diversifying their supply chains to

reduce their vulnerability to the effects of climate

change. Nonetheless, more businesses are

implementing redundancy and diversification plans

in their supply chains to boost resilience and

mitigate the effects of climate-related disruptions.

According to researchers, [7], businesses have

become less dependent on a particular source or

region, making diversifying suppliers and sourcing

areas a critical strategy. As a result, the risk

associated with climate-related catastrophes can be

distributed by finding substitute providers in other

geographic locations following the authors, [16], an

automobile manufacturer might potentially reduce

the risk of production disruptions caused by climate-

related disasters in a single site by procuring

components from various suppliers located in

different nations.

Furthermore, the inestigation, [37], highlighted

that disaster preparedness is essential to businesses'

climate change adaptation strategies. As the

frequency and severity of extreme weather events

increase, businesses recognize the critical

importance of being well-prepared to mitigate their

potential impacts on operations and assets. Effective

disaster preparedness requires comprehensive

planning and proactive steps to reduce

vulnerabilities and increase resilience, [31]. Hence,

companies that prioritize disaster preparedness are

better able to reduce interruptions, safeguard staff,

continue operations, and recover from climate-

related disasters faster. Planning for business

continuity is part of being prepared for emergencies.

To ensure that the company can continue to run, this

entails creating plans to preserve critical operations

both during and after a crisis. It can work remotely,

backup data, and alternate workspaces, [11], [34],

[40].

According to the International Monetary Fund -

IMF, [57], businesses are realizing that they need to

work together with different stakeholders to

improve their resilience and adaptation capacity as

the effects of climate change intensify. Working

together to address climate-related issues and create

sustainable solutions, this cooperative strategy

entails interacting with local governments, NGOs,

and communities, [58], [59]. Businesses must work

in tandem with local communities to comprehend

the unique climate risks and vulnerabilities that exist

in the locations where they operate. From a strictly

corporate perspective, it might not be possible to see

the whole impact of climate change, but local

expertise and community involvement can offer

insightful information, [60], [61].

Evaluate community vulnerability, collect input

on disaster preparation plans, and include local

people in resource management and infrastructure

development choices. By actively integrating local

stakeholders, firms may develop confidence and

ensure their adaption strategies meet community

needs and goals, [11]. Figure 1 concludes with the

four-climate change adaptation strategy topics.

Fig. 1: Common adaptation strategies in response to

climate change

2.3 Mitigation Strategies

The study, [18], reports that corporations worldwide

are switching to renewable energy sources to reduce

carbon emissions and combat climate change. This

move away from fossil fuels, the main source of

greenhouse gas emissions, to cleaner, more

sustainable alternatives is crucial. Recently,

renewable energy has become more cost-

competitive, [62]. Businesses are attracted to solar

and wind electricity due to their lower generating

costs [30]. Growing environmental and corporate

social responsibility awareness has led corporations

to minimize their carbon footprints, [63], [64], [65].

Transitioning to renewables shows a commitment to

sustainability. Renewable energy sources are often

domestic, lowering fossil fuel imports and

improving energy security, [41], [66].

Energy efficiency stands as a central pillar of

mitigation efforts for businesses and industries

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worldwide in the face of climate change, [67]. It

involves the systematic reduction of energy

consumption while maintaining or enhancing the

quality and quantity of goods and services produced,

[2]. This strategy not only reduces greenhouse gas

emissions but also offers several economic and

environmental benefits. Improving energy

efficiency can lead to significant cost savings for

businesses. According to FAO, [50], investments in

energy efficiency measures typically yield a return

on investment of 20% or more. By optimizing

processes, upgrading equipment, and adopting

energy-efficient technologies, businesses can lower

their energy bills, which can have a substantial

positive impact on their bottom line. Rapid

advancements in technology have made it

increasingly feasible for businesses to improve

energy efficiency, [28]. Smart building systems,

energy-efficient appliances, and industrial

automation, teleworking are just a few examples of

technologies that enable businesses to optimize

energy use. In many cases, the upfront investments

in these technologies can be offset by long-term

energy savings, [6],[68].

According to the analysis, [28], carbon pricing

has emerged as a pivotal mitigation strategy for

businesses seeking to reduce their greenhouse gas

emissions and contribute to the global effort to

combat climate change. This strategy involves

assigning a monetary value to carbon emissions,

either through taxes or cap-and-trade systems,

which incentivizes companies to limit their

emissions and transition to cleaner, more sustainable

practices [18]. Carbon taxes impose a fee on each

unit of carbon dioxide (CO2) or equivalent

greenhouse gas emissions produced. The cost per

metric ton of CO2 released varies according to the

jurisdiction's environmental objectives. Businesses

subject to carbon taxes have a financial incentive to

reduce emissions, as higher emissions result in

higher taxes. This mechanism encourages

companies to invest in low-carbon and energy-

efficient technology to reduce their tax liability [42],

[45].

As part of their sustainability objectives, several

companies are voluntarily implementing internal

carbon pricing mechanisms, [69]. This method

entails putting a price on carbon emissions that

occur during business activities, even in the absence

of laws. According to the authors, [5], the internal

carbon price acts as an internal financial incentive

for decision-makers to support low-carbon projects

and technologies. Businesses establish an internal

price per metric ton of CO2 released, which is taken

into account when making investment choices and

assessing projects. This aids companies in

determining the true cost of emissions and helps

them rank the most financially sound carbon

reduction projects. For instance, in 2012 Microsoft

implemented an internal carbon fee, charging

various business divisions for their emissions and

allocating the proceeds to the financing of

renewable energy initiatives, [46].

Figure 2 summarizes the four themes developed

regarding mitigation strategies in response to

climate change.

Fig. 2: Common mitigation strategies in response to

climate change.

2.4 Climate Change in Greece: Statistics and

Vulnerability

Greece's climate has experienced significant

changes over the past century, with rising

temperatures, changing precipitation patterns, and

more frequent extreme weather events. Also,

Greece's average temperature has risen by around

1.5°C over the past century, and the investigation,

[6] expect this trend to continue. Yet, Greece's

economy is directly affected in several sectors,

including energy, tourism, and agriculture, [12].

According to statistics, Greece is increasingly

vulnerable to the effects of climate change. For

example, the country has experienced an increase in

heatwaves and wildfires in recent years, causing

damage to the ecosystem and nearby communities,

[41]. About 70% of Greeks reside in coastal zones,

making them vulnerable to sea level rise. These

numbers demonstrate the urgency of climate change

adaptation and mitigation in Greece, according tothe

researchers, [70].

Greece's adaptation strategies also attempt to

lessen climate change sensitivity and increase

resilience, [58]. Farmers use climate-resilient

irrigation and crop kinds to adapt to changing

rainfall, [71], [72]. Terracing and reforestation are

also regulated by the Greek government to minimize

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soil erosion and land degradation, [73], [74], [75].

Although Greece's economy depends heavily on

tourism, according to statistics, significant tourist

arrivals have increased the country’s GDP, [11],

[76]. Nevertheless, climate change poses risks to the

tourism sector, such as higher temperatures that may

jeopardize tourist comfort and altered precipitation

patterns that may have an impact on water supplies

for tourism-related activities, [45].

Greece's mitigation strategies center on cutting

greenhouse gas emissions and moving toward a

low-carbon economy. Data show that Greece's

energy industry, which heavily depends on fossil

fuels, contributes significantly to emissions, [18].

Greece has established aggressive goals to produce

renewable energy, mostly from solar and wind

power, to address this, [5]. Government programs

and incentives to encourage energy-efficient

buildings and transportation systems bolster these

efforts. Moreover, Greece actively participates in

the EU's efforts to reduce emissions. Greece's policy

landscape and its role in mitigating climate change

are impacted by the European Green Deal, which

intends to make the EU climate-neutral by 2050,

[11].

3 Materials and Methods

3.1 Research Design

The study used a quantitative research approach

based on the cross-sectional survey research design.

The goal of the quantitative approach is to quantify

data, and it usually makes use of standardized data

collection tools like questionnaires and surveys.

Objective measurements and statistical or numerical

analysis of the gathered data are prioritized. This

method enables the methodical examination of how

firms understand and react to climate change

concerns within the framework of your study. A

cross-sectional survey gathers information at one

specific moment in time. Its purpose is to draw

conclusions about the population at a given moment

by analyzing data from a population, or a

representative subset of the population, at that point

in time. The present trends, events, and connections

between climate change and business risks in

Greece were evaluated with the aid of this design.

3.2 Target Population

The study targeted the different companies or

businesses in Greece. The population served as the

foundation for selecting the study's ideal sample.

The study's target population in Greece comprised

both public and private businesses. This technique

was comprehensive and can explain how different

businesses are reacting to climate change.

3.3 Sample Size

Greece's corporate enterprises provided 345

research participants. A typical sample size

calculation method, the Krejcie and Morgan table,

was used to pick a representative sample of Europe.

Robert V. Krejcie and Daryle W. Morgan developed

a simple approach for population sample size

determination in 1970. It assumes a 5% margin of

error and 95% confidence. The table lists population

numbers and sample sizes needed for representative

findings, [77].

Stratified random sampling was employed to

carefully select a highly desirable sample for the

study. Although there is an alternative method

available for sample selection, which typically

yields a smaller sample size, it was not utilized in

this research due to the substantial response

received from the respondents, [78],[79].

3.4 Sampling Technique

The study employed probability sampling

techniques, specifically stratified and simple random

sample methods. Using stratified sampling, the

target population is split up into groups or strata

according to specific traits that are pertinent to the

study’s goals. A more homogeneous and compact

subset of the population makes up each stratum.

This approach guarantees that every subgroup is

represented in the sample, which is helpful when

you wish to examine various population segments

independently. It contributes to lowering sampling

error and raising estimate precision within each

stratum. Simple random sampling involves

randomly selecting individuals or entities from the

entire population without any systematic bias. Each

element in the population has an equal chance of

being selected.

3.5 Data Collection

The study employed an online questionnaire to

collect data from the selected managers, directors,

or employees of different businesses in Greece.

Online surveys are cost-effective compared to other

data collection methods such as in-person interviews

or phone surveys. This questionnaire method helped

to reach many respondents efficiently and was

particularly useful when collecting data from

owners or employees of multiple businesses across

Greece. The digital nature of online surveys made

data collection and management more efficient.

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Responses were automatically recorded and

analyzed, reducing the potential for errors

associated with manual data entry. A nominal

measurement scale was used in measuring the study

variables and constructing questions on the

relationship between climate change and business

risk while highlighting the strategies for adaptation

and mitigation. Different ethical considerations such

as privacy and confidentiality were observed during

the process of the study, [80], [81].

3.6 Data Analysis

After collecting all surveys, data was analyzed

according to study goals. To conduct a more

thorough statistical analysis, SPSS V21.0 was used

to analyze the data. The first component of the

questionnaire, which included respondents' profiles,

was evaluated first. The data was displayed in a

frequency table, and some mean and standard

deviation were calculated to reveal more. The

researcher also used Pearson's rank correlation test

to examine study variables' correlations. A statistical

strategy was used to establish and quantify

correlations between different areas under

consideration. Regression analysis was also used to

examine climate change and company risk and

identify adaptation and mitigation solutions. A

multiple regression model (Equation (1)) was used

to identify and quantify the predictive values of

different factors to better understand how climate

change affects company risk and how different

tactics affect this dynamic, [78], [82].

Y = β0+ β1X1+ β2X2+ β3X3+ ε

(1)

Where:

Y = Business risk management

β0 = Constant (coefficient of intercept)

X1 = Climate change risks in business

X2 = Climate change adaptation strategies

X3 = Climate change mitigation strategies

ε = Represents the error term in the multiple

regression model

β1…β3 = demonstrates how the regression

coefficient for the independent factors may be used

to forecast the extent of climate change-related

business risk management, as well as adaptation,

and mitigation strategies.

Finally, regression findings at 0.05 significance

were used to assess and interpret the study's

hypotheses.

4 Results

The following section interprets the various results

obtained after analyzing data collected from the

selected study participants.

4.1 Demographic Characteristics

Table 1 shows the demographic characteristics of

the selected respondents who participated in the

study.

Table 1. Participants’ demographic characteristics.

Characteristics

Frequency

Percentage (%)

Gender

Male

237

68.7

Female

108

31.3

Age bracket in years

Below 25 years

1.1

26–40 years

192

55.7

41–50 years

28.1

Above 50 years

15.1

Experience in managing business risks

Below 5 years

18.3

5-10

197

57.1

Above 10 years

24.6

Total

345

100

Source: Authors' own work (2023)

The majority of respondents (68.7%) were male,

with 31.3% female. Such demographic information

is crucial for understanding the gender

representation of study participants and can be used

to assess potential gender-related differences in

responses and perceptions. In terms of age

distribution, the majority of respondents–(55.7%)

are between the age of 26 and 40. The second

largest group (28.1%) of the total are those aged 41

to 50. However, individuals under the age of 25

(1.1%) and those over the age of 50 (15.1%)

represent a smaller proportion of the sample. Yet, a

summary of the participants’ age distribution is

provided, which is useful when examining how

different age groups perceive and react to climate

change-related business hazards. Out of the total,

57.1% of respondents said they had five to ten years

of experience, while 24.6% said they had more than

ten years. Using this information makes it easier to

determine the level of knowledge and skill that

research participants bring. The participants with

more expertise may have different perspectives and

approaches to managing business risks related to

climate change.

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4.2 Descriptive Analysis

Table 2 displays the results of the study which

highlighted different climate change risks associated

with businesses.

Table 2. Key climate change risks for businesses.

Frequency

Percentage (%)

Market risks

3.8

Regulatory and policy

risks

2.3

Physical risks

24.1

Supply chain disruptions

11.9

Reputation and brand

risks

2.9

Financial risks

185

53.6

Others specify …

1.4

Total

345

100

Source: Authors' own work (2023)

Most research participants (53.6%) mentioned

financial hazards as the biggest climate change

worry for firms. This shows that climate change has

serious financial consequences for corporations

globally. Next was 24.1% who cited physical

dangers as their main worry. Climate change

directly affects a business's property, infrastructure,

and equipment. The significant number of

respondents who identified physical hazards shows

that climate change threatens corporate physical

integrity immediately. With 11.9% and 3.8% of

replies, supply chain disruptions and market risks

were also worries. 2.3% of respondents worried

about climate-related rules and policies affecting

company operations and compliance costs. At 2.9%,

reputation and brand risks show how public opinion

and customer trust are becoming more important in

a business's climate change strategy. Finally, at

1.4%, "other" hazards include legal liability and the

possible effect of increasing temperatures on worker

health and productivity. Table 3 lists corporate

climate change adaption techniques.

Table 3 reveals that 30.1% of respondents listed

"Enhanced disaster preparedness" as a company

climate change adaptation strategy. This shows that

companies understand the necessity of climate-

related crisis preparation and response. Next, 28.1%

named "Building climate-resilient infrastructure" as

an adaptation method. This highlights the need to

invest in climate-resistant infrastructure.

"Collaboration with local communities,

governments, and NGOs" was noted by 26.4%. This

suggests an increasing understanding of climate

change adaptation collaboration. Businesses realize

they cannot solve climate concerns alone. People

also suggested "Diversifying supply chains to

reduce vulnerability to climate change" (8.1%).

Table 3. Key climate change adaptation strategies in

business.

Frequency

Percentage (%)

Diversifying supply

chains to reduce

vulnerability to climate

change

8.1

Enhanced disaster

preparedness

104

30.1

adopting climate risk

disclosure and reporting

4.1

Collaboration with local

communities,

governments, and NGOs

26.4

Conducting

comprehensive climate

risk assessments

2.3

Building climate-resilient

infrastructure

28.1

Others specify...

0.9

Total

345

100

Source: Authors' own work (2023)

Climate disturbances make supply networks

susceptible, thus this method acknowledges this.

Businesses diversify suppliers and get materials and

components from several places to mitigate climate

risks that might disrupt supply chains.

Diversification is a feasible solution to global

supply chain network weaknesses. Only 4.1% of

respondents mentioned "adopting climate risk

disclosure and reporting" as an adaptation approach.

This indicates a rise in climate risk management

openness and accountability. Few responders (2.3%)

cited "Conducting comprehensive climate risk

assessments". This suggests that risk assessments

are essential for adaptation, but corporate practices

may need to be more conscious and adopt them.

Finally, 0.9% of respondents listed "implementing

water management and conservation strategies, such

as rainwater harvesting" as an adaptation approach.

Fig. 3: Key climate change mitigation strategies in

business. Source: Authors' own work (2023)

Although less prevalent, this method

emphasizes the significance of effective water

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resource management, particularly in the face of

changing precipitation patterns and water shortages.

Figure 3 shows the study's findings on company

climate change mitigation methods.

Most research respondents—35.9%—preferred

switching to renewable energy sources as a

company climate change mitigation option. This

shows that renewable energy is increasingly

recognized as crucial to decreasing greenhouse gas

emissions and climate change. Sustainable supply

networks were the second most favored method,

with 25.8% of respondents. Emissions and

environmental consequences must be addressed

throughout the supply chain. Companies are

becoming more cognizant of climate threats in their

transportation, manufacturing, and material supply

chains. 22.9% of respondents supported energy

efficiency, demonstrating that many firms

understand its relevance. Energy efficiency cuts

expenses and helps meet emissions objectives. To

reduce energy waste, use LED lighting, energy-

efficient HVAC systems, and smart building

management systems. Carbon pricing was used by

8.7% of respondents. Carbon taxes and emissions

trading internalize carbon emissions costs and

encourage enterprises to decrease their carbon

footprint. Only 4.6% of respondents stressed low-

carbon technology R&D. This technique shows how

some companies use innovation to reduce

emissions. Only 2.1% of respondents mentioned

additional climate change mitigation methods in

business, such as researching specialized or

alternative techniques customized to their sectors or

situations. This varied category might include

carbon offsetting, circular economy methods, and

climate action collaborations.

The research also identified company risk

management outcomes, shown in Figure 4.

Fig. 4: Results on the key outcomes of business risk

management. Source: Authors' own work (2023)

Figure 4 show that 33.3% of respondents ranked

"Improved Resilience" as the most important

corporate risk management result. This shows that

firms recognize that risk management may help

them overcome issues, including climate change. At

28.4%, "Improved Decision-Making" was the

second-most common business risk management

result.

This supports the premise that a well-structured

risk management approach helps businesses make

strategic choices. 24.1% of respondents listed

"Reduced Financial Losses" as an important

consequence. This shows how good risk

management pays off. Manage risks to limit the

financial effect of bad occurrences and provide

financial stability and sustainability. 8.1% of

respondents said company risk management led to

"Enhanced Long-Term Sustainability". This

suggests that some companies understand the need

for risk management for long-term success and

sustainability. Fewer respondents identified

"Compliance with Regulations" (3.2%) and

"Innovation and Cost Savings" (1.7%) as major

results. Since climate rules spur innovation and cost-

saving, these results are linked. Only 1.2% of

respondents listed "Adaptation to Regulatory

Changes", "Increased Investor Confidence", and

"Enhanced Supply Chain Resilience". These

findings show that business risk management in

climate change has several linked advantages that

boost resilience and sustainability, [83].

4.3 Correlation Analysis

The following section explains the relationship

between the study’s different variables.

Table 4 shows that "Climate Change adaptation

strategies" and "Climate Change mitigation

strategies" are positively correlated. According to

the Pearson correlation value of 0.592** (significant

at the 0.05 level, 2-tailed), firms that adopt more

climate change adaptation methods also execute

more climate change mitigation initiatives. This

positive relationship suggests that organizations that

are actively engaged in adapting to the impacts of

climate change are also more likely to take steps to

mitigate their contributions to climate change.

Secondly, the negative correlation between "Climate

Change Risks in business" and "Business Risk

Management" is worth discussing. The Pearson

correlation coefficient of -0.248** (significant at the

0.05 level, 2-tailed) indicates an inverse relationship

between the extent of perceived climate change

risks in business and the effectiveness of business

risk management. In other words, as the perceived

climate change risks increase, businesses tend to

have lower levels of risk management effectiveness.

Lastly, the strong positive correlation between

"Climate Change mitigation strategies" and

"Business Risk Management" is a significant

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finding. The Pearson correlation coefficient of

0.853** (significant at the 0.05 level, 2-tailed)

indicates a highly positive relationship between the

extent of climate change mitigation strategies

adopted by businesses and the effectiveness of their

business risk management practices. This suggests

that businesses that are proactive in mitigating their

carbon emissions and environmental impact are

more likely to have robust risk management

mechanisms in place.

Table 4. Correlation results

Climate

change

risks in

busines

Climate

change

adaptatio

strategies

Climate

change

mitigatio

strategies

Business

risk

managemen

Climate

change risks

in business

Pearson

Correlatio

Sig. (2-

tailed)

Climate

change

adaptation

strategies

Pearson

Correlatio

0.453**

Sig. (2-

tailed)

0.002

Climate

change

mitigation

strategies

Pearson

Correlatio

0.651

0.592**

Sig. (2-

tailed)

0.064

0.010

Business

risk

managemen

Pearson

Correlatio

0.248**

0.626**

0.853**

Sig. (2-

tailed)

0.009

0.025

0.000

** Correlation is significant at the 0.05 level (2-tailed).

4.4 Results of Regression Analysis

Regression analysis was also conducted to establish

the level to which Business Risk Management is

predicted based by the distinct aspects of climate

change adaptation strategies, climate change

mitigation strategies, and climate change risks, and

the results are presented in Table 5. In this analysis,

the R-value is 0.702, indicating a positive

correlation. This means that as the levels of climate

change adaptation strategies, climate change

mitigation strategies, and climate change risks

increase, business risk management tends to

improve positively. The R-Square value, which is

0.561 in this analysis, represents the proportion of

the variance in the dependent variable (Business risk

management) that can be explained by the

independent variables (climate change adaptation

strategies, climate change mitigation strategies, and

climate change risks). In this case, the R-squared

value of 0.561 suggests that these three independent

variables collectively account for approximately

56.1% of the variability observed in business risk

management. However, it's essential to note that

there may be other factors or variables not

considered in this analysis that also influence

business risk management. The remaining 43.9% of

unexplained variability could be attributed to these

unaccounted factors. The adjusted R-Square value,

which is 0.539, considers the number of

independent variables in the model. It is slightly

lower than the R-Square value, which is typical

when adding more predictors to the model. This

suggests that while the three independent variables

collectively explain a sizable portion of the

variability in business risk management, there may

be some degree of multicollinearity or

interdependence among the predictors.

Table 5. Model Summary

Model

R Square

Adjusted R

Square

Std. Error of the

Estimate

0.631a

0.561

0.539

0.216

a Predictors: (constant): climate change adaptation strategies,

climate change mitigation strategies, climate change risks

The ANOVA analysis in Table 6 shows that the

regression model is statistically significant, as

evidenced by a significant F-statistic of 352.413 (p

< 0.001). This suggests that at least one of the

predictors (climate change adaptation strategies,

climate change mitigation strategies, or climate

change risks) has a considerable influence on

business risk management.

Table 6. ANOVA analysis

Model

Sum of

Squares

Mean

Square

Sig.

Regression

36.040

18.361

352.413

0.016

Residual

30.108

342

0.027

Total

66.148

345

Dependent variable: business risk management. Predictors

(constant): climate change adaptation strategies, climate

change mitigation strategies, climate change risks.

Table 7 presents the regression coefficients for

the model predicting business risk management

based on the predictors, which include climate

change adaptation strategies, climate change

mitigation strategies, and climate change risks. The

constant, with a coefficient of 0.518, represents the

expected value of business risk management when

all predictor variables (climate change adaptation

strategies, climate change mitigation strategies, and

climate change risks) are zero. In this context, it

indicates the baseline level of business risk

management. The coefficient is statistically

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significant with a p-value of 0.026, suggesting that

even in the absence of the predictors, there is a non-

zero level of BRM. The coefficient for climate

change adaptation strategies is 0.291. This positive

coefficient indicates that an increase in the level of

climate change adaptation strategies is associated

with an increase in business risk management. The

standardized coefficient (Beta) of 0.397 indicates

that this predictor has a relatively strong positive

impact on business risk management. This

relationship is statistically significant with a p-value

of 0.000, suggesting that businesses that implement

more adaptation strategies tend to have higher levels

of BRM. The coefficient for climate change

mitigation strategies is 0.414. This positive

coefficient suggests that an increase in the level of

climate change mitigation strategies is associated

with an increase in business risk management.

However, the standardized coefficient (Beta) of

0.213 suggests that this predictor has a relatively

weaker positive impact on business risk

management compared to adaptation strategies. This

relationship is statistically significant with a p-value

of 0.021, indicating that businesses implementing

more mitigation strategies tend to have higher levels

of BRM. The coefficient for climate change risks is

0.092. Interestingly, this coefficient is negative,

implying that an increase in perceived climate

change risks is associated with a decrease in

business risk management. The standardized

coefficient (Beta) of -0.282 indicates a moderate

negative impact. Despite the negative coefficient,

the relationship is statistically significant with a p-

value of 0.002. This suggests that while businesses

may perceive more risks related to climate change,

it doesn't necessarily translate into lower business

risk management. Other factors may be influencing

this relationship.

Table 7. Regression coefficients.

Model

Unstandardized

Coefficients

Standardized

Coefficients

Sig.

Std.

Error

Beta

(Constant)

0.518

0.236

2.438

0.026

Climate change

adaptation

strategies

0.291

0.057

0.397

3.736

0.000

Climate change

mitigation

strategies

0.414

0.067

0.213

3.195

0.021

Climate change

risks

0.092

-0.079

-0.282

3.511

0.002

Dependent variable: Business risk management.

The coefficient for "Climate change adaptation

strategies" is 0.291 (Beta = 0.397), and its

associated p-value is 0.000 (p < 0.001). This

indicates that the implementation of climate change

adaptation strategies has a statistically significant

and positive effect on business risk management in

Greece. Therefore, Hypothesis 1 is supported by the

data, suggesting that the adoption of adaptation

strategies does reduce business risk.

The coefficient for "Climate change mitigation

strategies" is 0.414 (Beta = 0.213), and its

associated p-value is 0.021 (p < 0.05). This indicates

that the adoption of climate change mitigation

strategies also has a statistically significant and

positive effect on business risk management in

Greece, although the effect is smaller compared to

adaptation strategies. Hypothesis 2 is supported by

the data, suggesting that the adoption of mitigation

strategies contributes to a decrease in business risk.

The coefficient for climate change risks is 0.092

(Beta = -0.282), and its associated p-value is 0.002

(p < 0.01). Climate change-related hazards' intensity

and frequency negatively affect Greek corporate risk

management statistics. Thus, company risk

management declines as climate change hazards

increase. Thus, Hypothesis 3 was accepted,

demonstrating a negative association between

climate change and corporate risk management.

5 Discussion

The study's examination of climate change and

business risk in Greece is crucial for adaptation and

mitigation efforts. Current climate change and

corporate risk management science and practice

support the conclusions. The report shows that

Greek firms are prioritizing climate change

adaptation. According to the studies, [21], [51],

catastrophe preparation and climate-resilient

infrastructure are crucial initiatives. This focus on

resilient infrastructure and catastrophe preparation

highlights the necessity to build climate-resistant

physical assets, [37], [45]. This strategy protects

physical assets and ensures business continuity

during climatic calamities. The responders highlight

engagement with local communities, governments,

and NGOs, which matches the analysis, [58], who

stress collaboration to overcome climate hazards.

Collaboration is essential for sharing resources,

information, and efforts to accomplish objectives.

Most respondents recognized a worldwide trend

toward sustainable energy solutions, including the

move to renewable energy sources. UNDRR, [30],

and the Asian Development Bank - ADB, [62],

agree that renewable energy is economically and

environmentally beneficial. Businesses are more

cognizant of their role in climate change mitigation

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as they prioritize energy efficiency and sustainable

supply chains. According to publication [64],

corporations should be environmentally responsible.

Climate change and corporate risk management:

The study's conclusion that Greek firms' biggest

climate change worry is financial concerns matches

worldwide trends. According to the World

Economic Forum [23], climate-related financial

concerns are a worldwide priority. The

identification of physical dangers and supply chain

disruptions supports IPCC [84] and study [85]

worries about climate change's direct and indirect

effects on company operations.

Policy and regulatory concerns are seldom

highlighted, but the survey shows that corporations

are nonetheless worried about them. The

investigation [29] findings show that climate-related

regulations are increasingly affecting corporate

operations. Businesses must also monitor regulatory

changes and adapt to new rules. It also stresses the

need for governments to support companies and

ensure they meet climate targets. The survey found

that corporations are using various climate change

mitigation strategies. Diversifying methods is

essential in a fast-changing business atmosphere,

[34], [41], [45]. Even though fewer respondents

mentioned it, the focus on low-carbon technological

innovation and R&D implies a forward-thinking

plan for long-term sustainability. Collaboration with

regional authorities and communities emphasizes

stakeholder engagement in climate risk

management. This method is necessary for effective

local mitigation and adaptation initiatives, [7], [69].

It also aligns with corporate social responsibility,

which requires firms to benefit their communities,

[37], [86]. Sustainable supply chains and renewable

energy generate economic opportunities and

mitigate risk. As the globe moves toward a green

economy, sustainability is becoming a competitive

advantage. The study's results that perceived climate

threats negatively affect risk management indicate

how complex and dynamic climate risks are.

According to the researchers, [64], firms may need

to spend more in understanding these risks and

regularly alter their strategies in response to new

data and changing conditions.

The positive association between adaptation and

mitigation suggests that businesses adapting to

climate change are also proactive in mitigation.

Addressing climate risks necessitates an integrated

approach to climate risk management. Many climate

experts support this holistic strategy. Nevertheless,

the perception of climate change threats can

negatively impact a company's risk management

efforts. This gap between how climate risks are

perceived and the strategies employed to manage

them can make it difficult for businesses to

effectively understand and respond to climate

challenges [2], [3]. The data suggests that adopting

climate change adaptation and mitigation strategies

improves enterprise risk management. This

conclusion aligns with existing research on

managing climate risks through such strategies [28].

However, the inverse relationship observed between

business risk management practices and climate

change concerns implies either an underestimation

of these concerns or an inadequate response to them.

6 Conclusions

This research examined how climate change

influences business risk in Greece, focusing on the

difficulties and opportunities faced by companies.

The results demonstrate that climate change has a

considerable impact on business activities,

underlining the urgent need for effective risk

mitigation and adaptation strategies. Descriptive

analysis revealed that businesses are primarily

concerned with the financial repercussions of

climate change, followed by disruptions in the

supply chain and physical threats. This highlights

the necessity for comprehensive risk management

programs to effectively tackle these issues. The

analysis further indicates that companies are

increasingly acknowledging the importance of

strong adaptation and mitigation efforts to maintain

operational continuity and long-term sustainability.

Essential adaptation strategies include disaster

preparedness, development of climate-resilient

infrastructure, and forming partnerships with local

authorities, NGOs, and communities. These actions

are crucial for enhancing resilience and reducing the

severe impacts of climate change. Moreover,

diversification of supply chains and proactive

climate risk disclosure and reporting indicate a

growing awareness of the challenges associated with

climate adaptation. Businesses are also focusing on

utilizing renewable energy sources to reduce

emissions. Implementing sustainable supply chains

and improving energy efficiency are the next steps.

These methods demonstrate that lowering carbon

emissions and supporting global climate change

initiatives are proactive. According to replies,

corporate risk management outcomes show the

various benefits of effective risk management.

Climate change considerations should be included in

company risk management plans to enhance

decision-making, reduce financial losses, and

comply with regulations. Additionally, correlation

and regression analysis show the connection of

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business risk management, adaptation and

mitigation measures, and climate change threats.

According to their positive association, businesses

that apply adaptation and mitigation strategies are

more likely to implement the other, indicating a

holistic climate change strategy. However, the

negative link between risk management efficacy and

perceived climate change threats shows how firms

struggle to react to climate-related dangers.

6.1 Recommendations

Given the significant number of firms that value

catastrophe preparation, risk assessments and

emergency response plans should be prioritized.

This involves educating staff, improving emergency

communication, and giving resources for a quick

recovery.

Businesses should find it simpler to obtain

funding for projects aimed at mitigating and

adapting to climate change, according to

governments and financial institutions. This can

include low-interest loans, grants, or subsidies for

sustainable practices innovation, infrastructure

improvements, and renewable energy projects.

It is the responsibility of policymakers to

establish favorable conditions for the use of

renewable energy. This can entail tax breaks,

expedited permitting procedures, and funding for

the advancement of green technology research and

development.

6.2 Suggestions for Future Research

Future research could involve comparative case

studies across various countries or regions. This

would provide insights into how different

geographic, socio-economic, and political contexts

influence the effectiveness of climate change

adaptation and mitigation strategies in businesses.

For instance, comparing Greece with countries in

similar climate zones or economic structures could

reveal valuable patterns and unique challenges.

Acknowledgement:

The authors would like to thank the editor and the

anonymous reviewers for their feedback and

insightful comments on the original submission. All

errors and omissions remain the responsibility of the

authors.

Declaration of Generative AI and AI-assisted

Technologies in the Writing Process

During the preparation of this work, the author used

ChatGPT-4 to improve the readability and language

of the manuscript. After utilizing this tool, the

author reviewed and edited the content as needed

and takes full responsibility for the content of the

publication.

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Contribution of Individual Authors to the

Creation of a Scientific Article (Ghostwriting

Policy)

The authors equally contributed to the present

research, at all stages from the formulation of the

problem to the final findings and solution.

Sources of Funding for Research Presented in a

Scientific Article or Scientific Article Itself

No funding was received for conducting this study.

Conflict of Interest

The authors have no conflicts of interest to declare.

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