Strengthening Resilience to Physical Climate Risks
To succeed in a climate-impacted future, every business must enhance its resilience to these physical climate impacts. Sectors reliant on natural resources and ecosystems, such as agriculture or tourism, are particularly vulnerable to changing climate conditions, and those providing critical services, such as electricity and healthcare companies, play a significant role in contributing to societal resilience.
In addition to reducing risks presented by climate impacts, companies are expected to adjust for market opportunities created by changing societal needs. One way companies can do this is by providing solutions to consumers and other businesses for planning and adapting in various ways.
Many companies already recognize their climate risks and are taking steps to make their businesses more resilient. These steps range from preparing their operations and supply chains to reduce vulnerabilities to seeking out community-based partnerships and supporting local solutions.
As companies integrate climate impacts into their corporate strategies and emerging regulations require more transparent disclosure of risks and activities, leading companies will gain a competitive edge over those that do not take action.
It is our position that climate resilience is a key factor to ensuring a company’s success and health.