Integration of Climate Risks into Corporate Sustainability Strategies: A Case Study of Companies in the Aquaculture Sector
https://doi.org/10.26794/2220-6469-2025-19-3-106-115
Abstract
Subject. The article addresses the integration of climate risks into corporate sustainability strategies, using the example of publicly listed companies in the aquaculture sector of Russia and Norway. Objective. To compare Norwegian companies (Mowi, Lerøy, and Grieg Seafood) with the Russian company INARCTICA in terms of the presence of sustainability strategies, identification and management of climate risks, and the existence of a dedicated governing body on the board of directors; and to systematize climate risks for companies operating in the Arctic region according to the classification standards of the Task Force on Climate-related Financial Disclosures (TCFD). Results. The study finds that Norwegian companies demonstrate higher maturity in managing climate-related threats. Practical significance. It is recommended that Russian companies enhance their sustainability strategies by conducting a qualitative assessment of climate risks in line with TCFD standards. The article outlines risk mitigation measures based on best international practices.
About the Authors
B. S. Bataeva
Financial University under the Government of the Russian Federation
Russian Federation
Russian Federation
Bela S. Bataeva — Dr. Sci. (Econ.), Professor at the Department of corporate finance and corporate
governance
Moscow
A. A. Bobkova
National Research University Higher School of Economics
Russian Federation
Russian Federation
Arina A. Bobkova — student at the Faculty of Geography and Geoinformational Technologies
Moscow
References
1. Roginko S.A. Brazil — 25: BRICS climate campaign (to the upcoming meeting of BRICS foreign ministers). Analiticheskie zapiski Instituta Evropy RAN = Analytical Papers. Institute of Europe RAS. 2025;(2):19–26. (In Russ.). DOI: 10.15211/analytics21320251926
2. Bataeva B.S., Kokurina A.D., Karpov N.A. The impact of ESG reporting on the financial performance of Russian public companies. Upravlenets = The Manager. 2021;12(6):20–32. (In Russ.). DOI: 10.29141/2218-5003-2021-12-6-2
3. Demiralay S., Wang Y., Chen C. Geopolitical risks and climate change stocks. Journal of Environmental Management. 2024;352:119995. DOI: 10.1016/j.jenvman.2023.119995
4. Troell M., Naylor R. L., Beveridge M.C.M., et al. Aquaculture and climate change: Vulnerabilities and opportunities. Nature Sustainability. 2023;(6):341–350. DOI: 10.1038/s41893-023-01174-x
5. Abisha R., et al. Sustainable development of climate-resilient aquaculture and culture-based fisheries through adaptation of abiotic stresses: A review. Journal of Water & Climate Change. 2022;13(7):2671–2689. DOI: 10.2166/wcc.2022.045
6. Elkington J. Enter the triple bottom line. In: Henriques A., Richardson J., eds. The triple bottom line: Does it all add up? Assessing the sustainability of business and CSR. London: Earthscan Publications; 2004:1–16.
7. Elkington J. Towards the sustainable corporation: Win-win-win business strategies for sustainable development. California Management Review. 1994;36(2):90–100. DOI: 10.2307/41165746
8. Blagov Yu.E. ESG: Transformation of interpretations. Rossiiskii zhurnal menedzhmenta = Russian Management Journal. 2024;22(2):289–301. (In Russ.). DOI: 10.21638/spbu18.2024.206
9. Verenikin A.O., Makhankova N.A., Verenikina A. Yu. Measuring sustainability of Russian largest companies. Rossiiskii zhurnal menedzhmenta = Russian Management Journal. 2021;19(3):237–287. (In Russ.). DOI: 10.21638/ spbu18.2021.301
10. Izmailova M.A. Implementation of ESG strategies of Russian companies under sanctions restrictions. MIR (Modernizatsiya. Innovatsii. Razvitie) = MIR (Modernization. Innovation. Research). 2022;13(2):185–201. (In Russ.). DOI: 10.18184/2079–4665.2022.13.2.185–201
11. Pakhomova N.V., Richter K.K., Vetrova M.A. Global climate challenges, structural shifts in the economy and the development of initiative-taking strategies by businesses to achieve carbon neutrality. Vestnik SanktPeterburgskogo universiteta. Ekonomika = St. Petersburg University Journal of Economic Studies. 2022;38(3):331–364. (In Russ.). DOI: 10.21638/spbu05.2022.301
12. Korzeb Z., et al. ESG and climate-related risks versus traditional risks in commercial banking: A bibliometric and thematic review. Future Business Journal. 2024;10(1):106. DOI: 10.1186/s43093–024–00392–8
13. Akhtaruzzaman M., et al. Environmental innovation and climate risk awareness: The moderating role of SDG13. Research in International Business and Finance. 2025;75:102713. DOI: 10.1016/j.ribaf.2024.102713
14. Ozkan A., Temiz H., Yildiz Y. Climate risk, corporate social responsibility, and firm performance. British Journal of Management. 2023;34(4):1791–1810. DOI: 10.1111/1467–8551.12665
15. Tang Y., Gao D., Zhou X.Green response: The impact of climate risk exposure on ESG performance. Sustainability. 2024;16(24):10895. DOI: 10.3390/su162410895
16. Duan D., et al. Opportunity or obstacle? Climate risk disclosure and corporate ESG performance. International Review of Economics & Finance. 2025;100:104101. DOI: 10.1016/j.iref.2025.104101
17. Norko A.V. Environmental risks of enterprises and methods of managing them in the context of the “green economy”. In: Culture and ecology — foundations for sustainable development of Russia: From the “green” university to the green economy. Pt. 1. Yekaterinburg: Ural Federal University; 2016:204–207. (In Russ.).
18. Alekseeva E.A.Environmental risk management for enterprises. Ekologiya proizvodstva. 2021;(10):94–100. (In Russ.).
19. Mochalova L.A. Ecological risks of industrial enterprise and its management. Izvestiya Ural’skogo gosudarstvennogo gornogo universiteta = News of the Ural State Mining University. 2010;(24):125–131. (In Russ.).
20. Denisov D.B., et al. Scenarios for the development of the Murmansk region in the context of global uncertainties and climate change. Apatity: Kola Scientific Center of the RAS; 2019. 52 p. (In Russ.).
Review
For citations:
Bataeva B.S., Bobkova A.A. Integration of Climate Risks into Corporate Sustainability Strategies: A Case Study of Companies in the Aquaculture Sector. The world of new economy. 2025;19(3):106-115. (In Russ.) https://doi.org/10.26794/2220-6469-2025-19-3-106-115
Views:
7
Email this article 