September 22, 2015
(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
RSVP is required by September 17
Join us as we explore insights from our new report on corporate resilience including
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?
Global Environmental Executive, Bank of America
Amy Luers, Ph.D.
Assistant Director, Climate Resilience and Information
Office of Science and Technology Policy
Executive Office of the President
Global Environmental Director, Diageo
Vice President of Public Policy
Corporate Sustainability Officer, PG&E
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 Resilience, released 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.
There is no one “right” approach to manage climate risks.
After talking to dozens of major companies, we saw approaches falling into two main categories.
Some companies broadly examine climate risks across their entire enterprise. Diageo, a global beverage company, conducts an annual companywide evaluation of potential climate risks in over 30 countries where they have production and distribution facilities.
Others take a more narrowly focused approach, looking at specific facilities, regions, or threats, like impacts on water supply. Anglo American, one of the world’s largest mining operations, focused on its high-risk facilities in Brazil and South Africa.
For companies looking to examine climate risks, it may help to start small with a limited-scope vulnerability assessment. This can build internal awareness of the issues and support a broader assessment.
Although some companies are taking action, they also face obstacles.
A wealth of climate data is available, but companies struggle to connect the dots between global or national data and business decisions focused on a narrower geographic area. There’s also a disconnect between longer-term climate impacts and the shorter-term horizon of investment decisions.
Business leaders told us they need “actionable science” to translate data into risk scenarios.
Companies and communities can work together to build resilience.
A lot of risks are outside a company’s control, like climate impacts on infrastructure, such as roads, bridges, and water and electricity systems.
Cities play a key role in designing and maintaining critical infrastructure. Many cities have started examining their climate risks and developing adaptation plans, sometimes in partnership with universities and nonprofits.
It’s less common for cities and companies to partner on resilience. That’s a missed opportunity.
Cities often have user-friendly, locally specific data and models that could give companies a head start in considering their own risks. For example, New York City has a Panel on Climate Change to develop city-level information about climate variables to use in planning.
Companies often can provide investment for resilience strategies that go beyond risk reduction to also enhance community facilities and improve air or water quality. In Philadelphia, private developers are partnering with city government, schools and neighborhood groups to fund green infrastructure to better handle storm water runoff.
More of these kinds of partnerships – to analyze data, evaluate climate risks, do cost-benefit studies, and implement resilience planning – will strengthen both companies and communities.
Weathering the Next Storm:
September 22, 2015
By Katy Maher and Janet Peace
Infographic with key takeaways
Increased extreme weather and climate-related impacts are imposing significant costs on society and on companies. While businesses are increasingly taking steps to assess risks and prepare for future climate changes, many companies face internal and external challenges that hinder efforts to move toward greater climate resilience. Building and expanding on an earlier review completed in 2013, C2ES examined how large companies are preparing for climate risk, who they are partnering with, and what is keeping them for doing more.
Download the infographic as a PDF
Weathering the Next Storm:
September 22, 2015
By Katy Maher and Janet Peace
Infographic with key takeaways
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.
The wildfires ravaging the Western United States are among the most damaging on record, and the season isn’t over yet. For those who have been following the region’s changing climate patterns, however, the damage is hardly surprising, and this could be only the beginning.
So far this year, 41,000 fires have burned 7.5 million acres of forests and grasslands across the United States. Only nine years have seen more acres burned in total than have already burned this year. The record is 9.8 million acres in 2006.
In Alaska, the 2015 wildfire season will likely go down as the second-biggest on record. More than 5.1 million acres – or 8,000 square miles – have burned so far this year. The most damaging – 6.6 million acres – occurred in 2004. Although this was an extreme fire season, the state was fortunate that the weather eventually cooperated. By mid-July, the fires had already charred 4.5 million acres, or 88 percent of the total.
The fires that plagued central Alaska during the late spring and early summer months are now mostly under control, as the dry summer heat gives way to cooler and wetter weather. The persistent ridge of high pressure has broken down as waves of moisture now stream in from the surrounding waters – the annual sign that autumn is quickly approaching.
As the fires die out in Alaska, the attention now turns to the lower 48. What was a sporadic, yet manageable, start to the fire season has now turned into conflagration of tragic proportions.
The latest working group meeting of the Montreal Protocol in Paris produced much useful discussion, but few concrete results due to limited but vocal opposition to an amendment to phase down hydrofluorcarbons (HFCs), a fast-growing, extremely potent family of global warming gases.
Efforts to achieve an amendment at the upcoming Meeting of the Parties in November had gained considerable momentum over the past year. Four proposals for an amendment had been submitted by India, the European Union, the Island States, and North America (Mexico, Canada and the U.S.). Beyond those proposals, the African States also have voiced their clear support for an amendment and recent meetings between President Obama and his counterparts from Brazil, India, and China had produced joint statements in support of action on HFCs under the Montreal Protocol.
Despite support for these proposals from nearly 100 countries, the week-long meeting in Paris this month failed to reach agreement on even starting the negotiating process through the creation of a contact group. After opposing these efforts over several meetings, Saudi Arabia and Kuwait (and other Gulf Cooperation Council countries) voiced their willingness to allow a two-stage process to move forward, but Pakistan stood firm in opposition, blocking any agreement.
In the absence of a mandate to begin negotiations, a number of sessions in Paris focused on a very useful exchange of views on issues raised by the four amendment proposals. India, China and others identified concerns about the costs and availability of alternatives to HFCs (including concerns about obstacles created by patents), the performance of these alternatives in high ambient temperatures, the time required to address flammability concerns of some key alternatives, the importance of energy efficiency, and the need for financing through the Protocol’s Multilateral Fund.
All agreed to hold another working group session prior to the November Meeting of the Parties. But time is fast running out on this year’s efforts to reach agreement on an HFC phasedown amendment.
What can be done to break this stalemate?
In the past, the executive director of the United Nations Environment Programme (UNEP) has sometimes played an active role convening senior representatives from key countries and driving needed compromise. During the early years of the Protocol, UNEP’s Mostafa Tolba was masterful in bringing key countries together to find a workable solution. Through informal, senior-level consultations, Tolba either forged a compromise text acceptable to all, or developed his own proposals that he would offer as a way forward.
While times have certainly changed, it may be that the moment has now arrived for Achim Steiner, UNEP’s current executive director, to actively engage with senior officials from key countries with the goal of advancing efforts at bringing HFCs into the Montreal Protocol.
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.
Photo Courtesy Xiquinho Silva, via Flkickr
St. Peter's Square
Pope Francis brings a clear and powerful moral voice to a climate change debate too often clouded by competing ideologies. He reminds us of our responsibilities to the planet and to one another, and makes plain the stakes and the urgency of stronger action.
Pope Francis’ encyclical, a top-level teaching document to more than 1 billion Roman Catholics worldwide, builds on a foundation of accepted science that tells us the Earth is warming and that human activity is the primary cause.
But he is speaking to all of us, not only the Catholic faithful, about our core values – especially our duty to care for the Earth and all those who live on it.
The Earth is undoubtedly warming. What’s the cause, what are the impacts, and what can we do about it?
Below is a list of resources to learn more about the impacts of climate change, what individuals can do to help, and which policies can make a big difference
What are the Impacts of Climate Change?
The Earth is warming and will continue to do so if we keep releasing greenhouse gases into the atmosphere. This warming brings an increased risk of more frequent and intense heat waves, higher sea levels, and more severe droughts, wildfires, and downpours. To learn more:
What can you do to help?
C2ES works to help individuals learn how they can save energy at work, school, and home. Learn some of the steps you can take to make an impact:
What would make a huge difference?
Sensible policies can spur demand for clean energy and technologies and reduce carbon emissions cost-effectively. Learn about some of the options: