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For businesses, it is important to not continue with the ‘business as normal’ mentality and adopt sustainable business practices within the organisation. Corporate social responsibilities are the practices and policies that are intended to make a positive impact on the world. With the climate crisis looming large, now is the critical time for organisations to adopt sustainable practices and commit to the reduction of their carbon footprint. One easy way for organisations to reduce their carbon footprint is to only source energy from renewable sources.

Carbon pricing is a way to capture the external cost of greenhouse gas emissions. This is by placing a cost on the carbon that is emitted by organisations. Carbon pricing assists in shifting the burden of the damage caused by greenhouse gas emissions. The damages from the emissions include damages to crops, increased healthcare costs from heat waves and droughts, loss of property due to flooding and sea-level rise, just to name a few of the consequences.