Climate Change Threatens Businesses Worldwide as Risks Intensify
Businesses worldwide are grappling with the escalating impacts of climate change. A recent survey reveals that nearly 90% of South American companies anticipate climate risks by the end of the decade. Meanwhile, in the U.S., disaster recovery costs have soared to nearly $1 trillion in the past year.
The 2024 hurricane season left nearly two-thirds of businesses in the Tampa metro area with losses. Similarly, a 2022 flood led a South African company, later identified as Toyota, to file a lawsuit for over $360 million in damages. This year, Canadian wildfires forced evacuations at oil sands projects in Alberta.
Companies are adapting to various climate-related challenges. Extreme heat is pushing Australian mining companies to modify their operations. Over half of the firms surveyed by Morgan Stanley experienced climate change impacts within the past year, with extreme heat and storms being the leading disruptions. These impacts included increased costs, worker disruption, and revenue losses.
Climate change is posing significant threats to businesses globally. As companies face mounting challenges, political volatility is also emerging as a barrier to investing in sustainability. With climate risks set to intensify, businesses must prepare and adapt their strategies accordingly.
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