Some think that climate change reforms will negatively affect business. Others feel they are an opportunity for businesses. Discuss both sides and give your own opinion.

Climate change has been the topic of debate for the

last

decade, and with time people from all professional backgrounds are starting to weigh into

this

hot subject. While many hold the view that initiatives to curb global warming could result in a decline of certain businesses, others believe that

this

will open a pocket of new opportunities, and could lead to a profit surge for the companies

instead

. I believe that the reforms will not cause most businesses to decline and will rather provide them with the opportunities to extend their businesses. Enhanced restrictions on the burning of fossil fuels are being placed by governments to reduce the monetary profits of the associated businesses.

This

primarily includes imposing a carbon tax on the businesses involved in the combustion of carbon-based products, with an aim to disincentivize the carbon fuel businesses. At the same time, green businesses are being rewarded with reduces fees, duties and taxes.

For instance

, electric vehicle companies have to pay one-

third

of the taxes resulting in increased profits compared to other fossil-based automotive companies.

Hence

,

such

climate reforms to reduce utilization of carbon-based products will directly impact non-renewable energy business and will decrease their revenues.

However

, others have the view that these reforms will only impact businesses in the short run and will eventually result in more profits and opportunities for the companies in the longer run. Many businesses are expanding their products line up to include green products to attract the audience and after the realization of enhanced profit margins.

For example

, Hyundai, a major producer of non-green cars, has recently announced a release of electric vehicles after acknowledging the prospect of growing green products. In short, what looks like to be a nightmare for non-renewable businesses, can actually be a horizon of opportunities if they act promptly and effectively. I certainly agree with the latter opinion not only because there is a dire need of switching to environmentally friendly alternatives to curb global heating, but there is a profound prospect of increased profit margins for the businesses in the longer run.

However

, I believe that

this

change should be subtle to provide companies with enough time frame to switch to climate-friendly alternatives in an economical manner. In conclusion, certain businesses can suffer significant losses if sudden transformation will be reinforced but, if the gradual change is implemented, businesses can rather enjoy more revenues in the longer run.