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Beyond Reporting: The Integration of Climate Change and Biodiversity Into Business Strategies and Governance Structures of Swedish Firms and Financial Institutions

Andersson, Fredrik N G LU orcid and Arvidsson, Susanne LU (2026) In Business Strategy and the Environment
Abstract
This paper analyses how large Swedish firms and financial institutions integrate climate change and biodiversity into their business strategies and governance structures. Using unique 2022 and 2023 survey data and logistic probability models, we examine how internal and external factors shape early responses to the EU Taxonomy and the CSRD. Our findings confirm that the integration of climate change into business strategies and governance structures has progressed faster than that of biodiversity. Most organisations have already integrated climate change to a significant extent, whereas biodiversity remains far less prioritised. Notably, the integration of biodiversity is primarily driven by the presence of board members with environmental... (More)
This paper analyses how large Swedish firms and financial institutions integrate climate change and biodiversity into their business strategies and governance structures. Using unique 2022 and 2023 survey data and logistic probability models, we examine how internal and external factors shape early responses to the EU Taxonomy and the CSRD. Our findings confirm that the integration of climate change into business strategies and governance structures has progressed faster than that of biodiversity. Most organisations have already integrated climate change to a significant extent, whereas biodiversity remains far less prioritised. Notably, the integration of biodiversity is primarily driven by the presence of board members with environmental sustainability competence compared to climate change that is more broadly integrated. Experience with the NFRD supports integration, whereas voluntary frameworks such as the TCFD play a weaker role. Overall, organisations remain in an early learning phase, with most changes centred on mapping and reporting rather than on substantive behavioural transformation. (Less)
Abstract (Swedish)
This paper analyses how large Swedish firms and financial institutions integrate climate change and biodiversity into their business strategies and governance structures. Using unique 2022 and 2023 survey data and logistic probability models, we examine how internal and external factors shape early responses to the EU Taxonomy and the CSRD. Our findings confirm that the integration of climate change into business strategies and governance structures has progressed faster than that of biodiversity. Most organisations have already integrated climate change to a significant extent, whereas biodiversity remains far less prioritised. Notably, the integration of biodiversity is primarily driven by the presence of board members with environmental... (More)
This paper analyses how large Swedish firms and financial institutions integrate climate change and biodiversity into their business strategies and governance structures. Using unique 2022 and 2023 survey data and logistic probability models, we examine how internal and external factors shape early responses to the EU Taxonomy and the CSRD. Our findings confirm that the integration of climate change into business strategies and governance structures has progressed faster than that of biodiversity. Most organisations have already integrated climate change to a significant extent, whereas biodiversity remains far less prioritised. Notably, the integration of biodiversity is primarily driven by the presence of board members with environmental sustainability competence compared to climate change that is more broadly integrated. Experience with the NFRD supports integration, whereas voluntary frameworks such as the TCFD play a weaker role. Overall, organisations remain in an early learning phase, with most changes centred on mapping and reporting rather than on substantive behavioural transformation. (Less)
Please use this url to cite or link to this publication:
author
and
organization
publishing date
type
Contribution to journal
publication status
epub
subject
keywords
biodiversity, climate change, business strategy, governance structures, Sweden, CSRD, Taxonomy, TCFD, NFRD, Green Deal, EU, biodiversity, business strategy, climate change, CSRD, governance structures, sustainable finance
in
Business Strategy and the Environment
publisher
John Wiley & Sons Inc.
ISSN
1099-0836
DOI
10.1002/bse.70873
language
English
LU publication?
yes
id
81532d51-cfc4-4fc0-935f-b03190e9a525
date added to LUP
2026-04-27 08:45:20
date last changed
2026-04-27 09:56:46
@article{81532d51-cfc4-4fc0-935f-b03190e9a525,
  abstract     = {{This paper analyses how large Swedish firms and financial institutions integrate climate change and biodiversity into their business strategies and governance structures. Using unique 2022 and 2023 survey data and logistic probability models, we examine how internal and external factors shape early responses to the EU Taxonomy and the CSRD. Our findings confirm that the integration of climate change into business strategies and governance structures has progressed faster than that of biodiversity. Most organisations have already integrated climate change to a significant extent, whereas biodiversity remains far less prioritised. Notably, the integration of biodiversity is primarily driven by the presence of board members with environmental sustainability competence compared to climate change that is more broadly integrated. Experience with the NFRD supports integration, whereas voluntary frameworks such as the TCFD play a weaker role. Overall, organisations remain in an early learning phase, with most changes centred on mapping and reporting rather than on substantive behavioural transformation.}},
  author       = {{Andersson, Fredrik N G and Arvidsson, Susanne}},
  issn         = {{1099-0836}},
  keywords     = {{biodiversity; climate change; business strategy; governance structures; Sweden; CSRD; Taxonomy; TCFD; NFRD; Green Deal; EU; biodiversity; business strategy; climate change; CSRD; governance structures; sustainable finance}},
  language     = {{eng}},
  month        = {{04}},
  publisher    = {{John Wiley & Sons Inc.}},
  series       = {{Business Strategy and the Environment}},
  title        = {{Beyond Reporting: The Integration of Climate Change and Biodiversity Into Business Strategies and Governance Structures of Swedish Firms and Financial Institutions}},
  url          = {{http://dx.doi.org/10.1002/bse.70873}},
  doi          = {{10.1002/bse.70873}},
  year         = {{2026}},
}