Many large companies in carbon-intensive businesses have begun to realize that the advent of the Kyoto Protocol implies both opportunties and costs for their business. These have significant implications for corporate strategy over the long term. One implication is that the cost of compliance with domestic policies and measures to reduce carbon emissions must be accounted for in projecting profitability and growth. These costs may be significant and warrant specific carbon-emission reduction measures internal to their businesses. Or, companies may acceptably manage these costs through trade. The following press item relates the impact on a company's valuation on the Sydney Stock Exchange of criticisms by Greenpeace that the company did not account for the potentially significant costs of greenhouse gas mitigation in reporting to investors.
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