The mood has definitely shifted from the early Nineties, when B&Q launched its sustainable timber policy to preserve tropical hardwood forests. Then there was polite enthusiasm but it felt like we were leading the customer. Now there are worrying headlines and statistics every day, but also customer expectations and vast business opportunities.

Climate change could shrink the global economy by 20pc, but taking action now would cost just 1pc of global gross domestic product, says the Stern Review.

So businesses must act quickly to save themselves time and money in the future. In fact, businesses can benefit from being environmental leaders. Stern estimates that markets for low-carbon technologies will be worth at least $500bn by 2050 if the world takes the necessary steps needed to switch to a low-carbon economy.

The smartest companies could not only earn their share of that market, but also earn the respect of their customers and stakeholders if they act now towards a sustainable future.

Stern's findings support the arguments that the Corporate Leaders Group on Climate Change made in our open letter to the Prime Minister in June of this year. Made up of 14 senior executives of UK businesses, our goal is to help break the Catch 22 situation in which governments refrain from introducing new policies to reduce emissions because they fear business resistance. Companies find it difficult to scale-up their investments in low-carbon solutions because of the lack of long-term climate policies.

We believe that the UK government needs to take ambitious domestic policy action on climate change in order to convince other key players, including rapidly-developing countries such as China and India, that the UK and its EU partners are serious about tackling climate change.

Such leadership has the potential to deliver significant economic benefits to the UK through improvements in economic performance as a result of increased energy efficiency, increased economic growth as a result of technological innovation and by giving the UK a first mover advantage in the new global markets for low-carbon technology.

The environmental bottom line is bigger than many businesses believe. Shareholder value is what we are here to create, but we operate within communities that expect us to do that in a sustainable way.

If we only see the immediate profits and losses, we will miss the costs we create that are currently 'free' to us, but will be charged back at some point. Hence recycling costs that were once free are now really cash items, and free carbon emissions have become recognised as a hard cost.

As the media has turned the broader issues of sustainability into a mass market issue, our children are nagging us to take some responsibility, and our customers expect it of us, we cannot afford to be left behind. All businesses have to be driving to where their customers are heading even if all the details aren't clear at the point of departure.

Our consumers tell us they want more guidance on energy efficiency and renewable technology. Education is the key, although it is undoubtedly in all our interests to become more committed to this issue. It is unlikely that habits will change overnight, especially without encouragement. The business world has a responsibility to use its position of influence by helping to inform consumers.

I think there are two main things any business can do: first, the need to identify the customer opportunity. This will differ depending on the business and its resources, but everyone will be impacted to some extent. The second is to understand how to reduce its own environmental impact and thereby its own costs.

For some, the link to climate change can be controversial, but what is plain common sense is that saving money on energy is good for business, and in any long-term view of business, the fewer materials we use for a given output the more efficient we are.

It is when we harness our people's creativity to find solutions to these challenges that we discover how much more we can get out of what we already have.

So why is it the responsibility of business to provide answers? We have seen a broad recognition from as diverse a group as Tony Blair, David Cameron and Ken Livingstone that businesses can make a real difference, because they can move at speed and on a wider scale than many government initiatives.

Obviously we need to see collaborative working with the Government providing a long-term framework, for example, planning and building regulations and carbon trading schemes. We need to make investments to reap the rewards. The Chancellor has just announced a commission to look at where the UK can have competitive advantage and economic opportunities in low carbon and environmental technologies.

We believe there are huge markets in environmental and low- carbon technologies. Indeed, over the past two weeks the biggest selling single product line in B&Q - out of more than 40,000 lines - is the pounds 1,500 wind turbine. Customers are already there and looking for us to do more.

Business will find a way to make the market work and is often more connected to its customers and colleagues who are the real engines for change. Above all, there is room for brands that have the respect of their customers to help them find out more about these questions, and respond directly to their needs.

Ian Cheshire is chief executive of B&Q and a member of the Prince of Wales's Corporate Leaders Group on Climate Change.