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Environment Magazine September/October 2008


November-December 2015

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The Pope's Encyclical Letter and Its Implications for Business

For the corporate sector, climate change represents an unfolding market shift. This is driven by policy, but also by pressures from a variety of constituents such as consumers, suppliers, buyers, and insurance companies. It is manifest in changes in market demand, cost of capital, operational efficiency, and access to raw materials within supply chains (most notably in energy use). As in any market shift, there are both risks and opportunities, and there will be both winners and losers. The Pope's encyclical letter will likely change the calculus of that market shift for corporate executives in several important and potent dimensions.

Andrew J. Hoffman is the Holcim (US) Professor of Sustainable Enterprise at the University of Michigan, a position that holds joint appointments at the Stephen M. Ross School of Business and the School of Natural Resources & Environment. He also serves as Education Director of the Graham Sustainability Institute.       

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