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Survey: Businesses Still Not Ready For Climate Change

December 28, 2017 Leave a comment DRI Admin

First the good news: according to a recent survey, nearly all companies know about climate change hazards that could impact their businesses. The bad news? Only about a quarter are taking any action against them.

The survey – involving more than 1,200 resilience professionals worldwide – saw businesses everywhere are underestimating the impacts of climate change and related issues, though they’re most aware of some already affecting business: temperature rise/heatwaves (55%), storms (44%), and/or flooding (38%).

But only 25% report they’re taking adaptation or resilience actions, pointing to five main drivers:

  • Laws and regulations – 50%
  • Customer needs/requests – 43%
  • Safeguarding the company from climate-related events (43%)
  • Public concern/corporate responsibility (41%), and
  • Business continuity (40%).

What’s keeping the 32% from making plans? A fairly equal mix of costs (36%), lack of awareness (35%), considering climate change to have limited impact (34%), and lack of long-term focus (33%).

Among those companies that stand out as frontrunners, they cite business continuity as just as important as laws and regulations as their motivations for taking adaptation and resilience seriously, before it becomes too late to act.