environmental risk of a company

It is usually the second ie the risk imposed on a company because of environmental changes such as climate change, deteriorating political or economic stability or being left behind by changes in technology.

Of course, a company can be affected by changes it makes to the environment. For example, an oil pipeline bursting and destroying an important natural environment. That is a reputational and financial risk to the company arising from an affect in the environment, but it would not usually be called an environmental risk. More likely to be called an operational risk.