As the impacts of climate change bite, business efforts to reduce emissions must now be matched by action to strengthen climate resilience. Here I set out four action areas where companies can better protect themselves and others, while seizing opportunities to market resilience-enhancing products.
Many businesses are acting on climate change: setting net-zero or science-based targets for cutting their emissions and those generated by suppliers and consumers. But to keep pace with increasingly extreme weather and creeping climate change impacts, reducing emissions is no longer enough: business must also commit to building climate resilience.
Positively, some companies are acting on climate resilience already, driven by necessity and because it brings multiple benefits. 30% of businesses have noticed the impacts of climate-related disasters on their operations, workforce and profitability; and we have also seen the cost of capital increase in line with climate risks.
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