With the wild and woolly weather over the past few years, there are bound to be ramifications throughout the business world. For example, two consecutive years of volatile weather have proved disastrous for companies that rely on predicable temperatures to sell cold-weather clothing like coats and sweaters.

So, while the $200 billion apparel industry has adding the job title “weather forecaster” to its staff, we predict the implications will be so great as to ultimately drive for the creation of a new C-level player dubbed The Chief Climate Officer. Joining the ranks of the Chief Green Officer and the Chief Sustainability Officer, it is inevitable that industries and companies that rely heavily on the weather, and reducing risk associated with it, will find the need for leaders who can assess the comprehensive strategic issues associated with weather and make smart decisions hinged on it.

One interesting new company, Storm Exchange Inc., helps corporations maximize shareholder value by reducing the financial impact of unplanned weather on earnings. In other words, they hedge against the weather and write insurance policies based upon it. The company states that while most businesses routinely hedge risks such as currency and interest-rate fluctuations, many simply hope to get lucky when it comes to the variability of the weather—a practice that has given prominence to what Wall Street calls “the weather excuse.”

Department stores that sell apparel are among the retailers most exposed to weather fluctuations. Much of their survival depends on favorable weather: if it’s raining or snowing or very cold, consumers are less likely to go shopping; if the weather is too warm in the fall, consumers will hold off on purchasing winter wear; and if the weather is too mild in the summer, consumers will avoid purchasing summer wear. Operating results can be further weakened by inventory build that follows lower-than-expected sales volumes.

In an interesting first, a large manufacturer and supplier of overcoats to department stores, has taken out a $10 million insurance policy with Storm Exchange against unusually warm weather. Weatherproof signed a contract that guarantees it would be paid as much as $10 million if daily temperatures in New york City are lower than the historic average for December, 37 degrees. The higher the temperature this month above 37, the more Weatherproof makes.

With climate creating such serious monetary implications over the past few years, including the possible move towards a cap and trade system, its anyone’s guess what the next innovative business model will be that harnesses the opportunities in climate change. Let’s just hope they impact all three of our bottom lines and spur some solutions-oriented innovative thinking.