Climate transition risk and environmental compliance risk are often framed as technical or operational issues. In reality, they are governance stress-tests.

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Sustainability risks don’t just affect reputation or reporting.
They stress-test governance structures.

It looks good in a report.
It fills a section of the annual review.
It reassures stakeholders.

But if it does not influence capital allocation, product design, procurement, risk management, or executive incentives, it is not strategy.