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The aim of this paper is to explain the external drivers of the risk exposure and risk management strategies of electricity generators in response to New Zealand Government' climate change policies. This paper proposes a theoretical framework that builds upon the categorisation of environmental strategies and applies such categorisation in a risk perspective. The findings of this paper show that over time, risk exposure increased due to changes in the mixture of environmental risks, market opportunities and regulatory uncertainties. Such risk exposure in turn drove changes in organisations' risk management strategies. Organisations move from stable and reactive strategies to anticipatory, proactive and creative strategies.
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