The effects of climate change on the natural, economic, political, and social environments of business will be broad and substantial. The legal environment of business is not immune from these forces. In fact, as this article explores, law is both a necessary means to address climate change disruption and itself a source of disruption. Regulatory measures to buffer the shocks of climate change and facilitate the innovation necessary to mitigate and adapt to it are likely to disrupt industries and firms. Drawing on legal and management theory, the field of legal strategy identifies the conditions and actions through which firms can engage with the legal environment to protect as well as enhance their value. However, as this article shows, the legal strategy literature does not adequately account for the legal, regulatory, and other transition risks arising from the expanding scope and changing modes of regulatory responses to climate change. Accordingly, to adapt legal strategy to the impending age of regulatory change and transformation, this article advances a conception of legal strategy that embraces resilience as an indicator of firm value.

中文翻译：

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法律战略被打乱：管理气候变化和监管转型

气候变化对商业的自然、经济、政治和社会环境的影响将是广泛而巨大的。商业的法律环境也不能免受这些力量的影响。事实上，正如本文所探讨的，法律既是应对气候变化破坏的必要手段，又是破坏的根源。缓冲气候变化冲击和促进缓解和适应气候变化所需创新的监管措施可能会扰乱行业和企业。法律战略领域借鉴法律和管理理论，确定了公司可以通过哪些条件和行动参与法律环境以保护和提高其价值。然而，正如本文所示，法律战略文献没有充分说明法律、监管、以及因应对气候变化的监管范围扩大和模式变化而产生的其他过渡风险。因此，为了使法律战略适应即将到来的监管变革和转型时代，本文提出了一种法律战略概念，该概念将弹性作为公司价值的指标。