New Delhi, Dec 2 (IANS): Amid growing climate change concerns, corporate need to assess the full impact of climate risk including physical as well as transitional risk and make implementable strategies to move towards 'Net Zero', according to a KPMG report.

It noted that businesses are increasingly acknowledging that decarbonisation may entail a fundamental transformation in business portfolio and corporates are looking to decarbonise not only their businesses but their wider supply chain.

The report said that government, financiers, industry, consumers will need to act together to make the transition happen.

The ecosystem comprising of policy, technology, market, investments, standards and society has to work together in a complementary manner in this transition journey.

The option of cross-boundary collaborations and market mechanisms will have to be evolved even in the current geo-political dynamics as world trade is still dispersed around the globe, said the report titled 'Decarbonizing Growth: Managing the Transition'.

It noted that universally acceptable standards to measure and navigate the journey are important to ensure transparency and accountability. Standards also will help in benchmarking and monitoring of progress, it added.