Business

Are businesses prepared for climate impacts?

Increased extreme weather and climate-related impacts are imposing significant costs on communities and companies alike. While some businesses are taking steps to assess and address climate risks, many face internal and external challenges to building climate resilience.

In a new report, Weathering the Next Storm: A Closer Look at Business Resiliencereleased at Climate Week NYC, C2ES examined how major global companies are preparing for climate risks, and what is keeping them from doing more.

C2ES reviewed public disclosures of S&P Global 100 companies, conducted in-depth interviews, and held workshops with business leaders, government officials, academics and other stakeholders. Key findings include:

Major companies recognize and report climate risks.

We found 91 of the world’s largest 100 companies see extreme weather and other climate impacts as business risks. Business leaders see climate risks firsthand – in damaged facilities, interrupted power and water supplies, disrupted supply and distribution chains, and impacts on their employees’ lives.

Most (84 companies) discussed climate risk concerns in CDP questionnaires. Fewer companies did so in their sustainability reports (47) or financial filings (40).

More companies are assessing their vulnerabilities.

The vast majority of companies rely on existing risk management or business continuity planning to address climate risks.

Many see climate change as a “threat magnifier” that exacerbates risks they already know and understand. This lens puts climate change into a familiar business context, but companies could overlook or underestimate the threats they face.

Weathering the Next Storm: A Closer Look at Business Resilience

Weathering the Next Storm:
A Closer Look at Business Resilience

September 22, 2015

By Katy Maher and Janet Peace

Download the Report (PDF)

Infographic with key takeaways
and recommendations.

As we saw once again in 2014—the warmest year globally on record—increases in extreme weather and other climate-related impacts are imposing significant costs on society. Even as governments, companies and communities strengthen efforts to reduce emissions contributing to climate change, they are awakening to the urgent need to address growing climate impacts. Across the United States, governments at all levels are taking steps to strengthen climate resilience. Simultaneously, a growing number of companies are recognizing extreme weather and climate change as present or future business risks. For many companies, these rising risks extend well beyond the “fence line” to critical supply chains and infrastructure, and can be effectively managed only in partnership with the public sector.

Janet Peace
Katy Maher
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Weathering the Next Storm: A Closer Look at Business Resilience

Promoted in Energy Efficiency section: 
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9-11:30 a.m. Bank of America TowerOne Bryant ParkNew York, NY

September 22, 2015
9-11:30 a.m.

(Doors open at 8:45 a.m. for light breakfast. Program begins at 9:15.)
 

Bank of America Tower
One Bryant Park
New York, NY

 

Read the report and executive summary, watch video of the report launch and find additional resources on resilience.

How are companies are assessing and addressing climate vulnerabilities?

What is keeping them from doing more?

Which tools, data and partnerships can drive action to the next level?

Speakers include:

Alexandra Liftman
Global Environmental Executive, Bank of America

Bob Perciasepe
President, C2ES

Amy Luers, Ph.D.
Assistant Director, Climate Resilience and Information
Office of Science and Technology Policy
Executive Office of the President

Roberta Barbieri
Global Environmental Director, Diageo

Jay Bruns
Vice President of Public Policy
The Hartford

Melissa Lavinson
Corporate Sustainability Officer, PG&E

 

US cities offer diverse incentives for electric vehicles

Cities and states are deploying a wide variety of incentives to promote more adoption of electric vehicles to reduce emissions and improve our energy security.

Consumers in Houston can get a state subsidy for buying a new EV. In the Phoenix area, EV buyers get registration fees waived and single-occupant HOV lane access. EV drivers in Portland receive fewer city and state incentives, but benefit from more publicly available charging infrastructure.

EV incentives vary by the amount consumers can save, how the incentives are applied, and who is offering the incentive.

A new report sheds light on how the 25 largest U.S. cities stack up in promoting EV deployment. These cities together represent more than half of the public electric vehicle charging infrastructure in the U.S. and about two-thirds of new electric vehicle registrations.

The white paper published by the International Council on Clean Transportation with input from C2ES and C40 and support from the 11th Hour Project, catalogues data on policies and actions by state agencies, municipal agencies, and local utilities that promote EV sales and analyzes the benefits to consumers.

Bob Perciasepe's Statement on Clean Power Plan

Statement of Bob Perciasepe
President, Center for Climate and Energy Solutions

August 2, 2015

On the release Monday of the final Clean Power Plan to reduce U.S. power plant emissions.

The administration is doing what science and the law demand, and it’s now up to the states. The smart ones will see this as an opportunity, not a threat – a chance to modernize their economies and energy infrastructure.

I know from my conversations with state leaders and utility CEOs that even those who may openly oppose the rules are thinking hard about how to meet them. And many are very interested in the types of incentive and market-based approaches EPA is encouraging. It behooves every state to sit down with stakeholders – mayors, consumers, businesses – and craft a plan that fits it best. States should take advantage of the opportunity to innovate and make their economies stronger and more sustainable.

The final plan will give states the time needed to craft strong plans and achieve interim targets, provide incentives to increase renewable power and help low-income communities improve energy efficiency, and encourage cost-effective, market-based approaches to reducing emissions.

Many states and businesses are already taking action and demonstrating leadership. Years from now I’m sure we’ll see this as a pivotal moment accelerating the clean energy transition that is already underway.

We’re coming to grips with the rising risks of climate change and laying the foundation for a low-carbon future. The quicker states put their heads together with utilities, businesses, and cities to figure out the smartest approaches, the sooner we’ll get there.

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To talk to a C2ES expert, contact: Laura Rehrmann, rehrmannl@c2es.org or 703-516-0621.

About C2ES: The Center for Climate and Energy Solutions (C2ES) is an independent, nonprofit, nonpartisan organization promoting strong policy and action to address our climate and energy challenges. Learn more at www.c2es.org.

Companies pledge climate action

Thirteen companies took a public stand for climate action at the White House today, pledging to reduce heat-trapping emissions, increase clean energy investments, improve efficiency, and support efforts to reach a global climate agreement this year in Paris.

Three companies making pledges – Alcoa, Bank of America, and General Motors – are members of the C2ES Business Environmental Leadership Council, a group of mostly Fortune 500 companies, representing a combined $2.3 trillion in revenue, that support climate policy solutions that will move us toward a low-carbon future.

These business leaders – and many more – recognize the reality of climate change and the necessity to act.

For instance, HP recently announced that it will power 100 percent of its Texas-based data centers with renewable energy, thanks to a 12-year agreement to buy power from a 112 MW wind farm in Texas, in partnership with SunEdison.

Dow has reduced 320 million metric tons of greenhouse gas emissions from its operations compared to 1990 levels, and announced that by 2020, its trajectory for absolute emissions from operations and purchased power will meet internationally recognized targets for a 2 degree Celcius maximum global temperature rise.

Bob Perciasepe's Statement on Business Act on Climate Pledge

Statement of Bob Perciasepe
President, Center for Climate and Energy Solutions

July 27, 2015

On the White House announcement of business leaders committing to climate action and supporting efforts to reach a global climate agreement in December in Paris.

We applaud the companies that have come forward to pledge action to reduce heat-trapping emissions, increase clean energy investments, improve efficiency, and support efforts to reach a global climate agreement this year in Paris.

Climate change is posing rising environmental, social, economic, and security risks. Delayed action only means greater costs.

Business leaders get it. They see climate risks firsthand -- in damaged facilities, interrupted power and water supplies, disrupted supply and distribution chains, and impacts on their employees’ lives.

And the business community will be essential to mobilizing the technology, investment and innovation needed to transition to a low-carbon economy.      

Several of the companies making pledges today – Alcoa, Bank of America, and General Motors – are members of the C2ES Business Environmental Leadership Council that is committed to climate action.

Although businesses, cities, states and nations are working toward a more sustainable future, it will take a global effort to address a global threat. Paris is our best opportunity to get all the major economies on board a lasting agreement that strengthens the global effort and works to strengthen it over time.

Many nations, including the United States, China, and the European Union, have already announced their goals for reducing greenhouse gases. But the strength of any agreement will rest on the parties’ political will to implement it.

The strong support of business leaders for climate action, like that exhibited today, can only help to strengthen that will.

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To talk to a C2ES expert about business engagement on climate change, contact: Laura Rehrmann, rehrmannl@c2es.org or 703-516-0621

About C2ES: The Center for Climate and Energy Solutions (C2ES) is an independent, nonprofit, nonpartisan organization promoting strong policy and action to address our climate and energy challenges. Learn more at www.c2es.org.

Countries should assess climate risk the way they assess other security risks

National security leaders deal with deep uncertainty on a daily basis about everything from North Korea’s ability to produce a nuclear weapon to the location and timing of the next terrorist attack by non-state actors such as ISIS and al-Qaida. Security decision-makers don’t use uncertainty as an excuse to ignore security threats.

Borrowing a page from security analysts, a new report out today by renowned climate experts and high-level government advisors from China, India, the United Kingdom and the United States assesses the risks of climate change in the context of national and international security.

China’s provinces learn how to reduce emissions with trading

As many U.S. states start to think about ways to reduce greenhouse gas emissions under the proposed Clean Power Plan, it’s eye-opening to see how Chinese provinces are taking many of the same first steps.

I recently joined state officials from Arizona and Michigan and a Georgetown University professor on a study tour of China’s climate policy and low-carbon technology use at the provincial level. In each city we visited -- Beijing, Shanghai, Chengdu in Sichuan province, and Changsha in Hunan province -- our meetings with government officials, academics, and nongovernmental organizations had a common theme: Environmental issues are a serious challenge for China and greenhouse gases should be addressed along with other types of pollution.

It was very encouraging to hear national, provincial, and municipal leaders all agree that something has to be done to reduce China’s emissions. But they also agreed the country faces significant challenges in reaching its goal of peaking emissions no later than 2030.

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