October 2, 2024
Source: World Economic Forum
Photo / Image Source: Unsplash,
Many businesses recognize the need for climate adaptation, yet still seek effective strategies.
Avoid future challenges
Extreme weather events have impacted 50% of corporate respondents to a recent Marsh survey in the past three years. This underlines the importance of significant action now to adapt and to increase resilience. Understanding and adapting to meet these challenges is clearly in the remit of risk managers.
Despite the unknowns related to the exact time and location of extreme events, many current tools can be deployed to determine how physical risks influence company operations and impact key partners and stakeholders: enterprise risk management, business continuity planning, and supply chain management all offer good entry points for increasing corporate resilience to today’s and tomorrow’s risks.
Corporate risk managers may find the climate adaptation terminology complex and confusing. But in simple terms, it is all about dynamic risk management, being forward-looking and taking prevention measures to ensure that climate shocks do not hamper a business’s success.
Climate adaptation refers to activities that increase climate resilience and enable better coping with a changing climate – from protecting employees’ well-being to protecting assets and operations in the face of changing risks.
Corporate risk managers, therefore, must avoid disruption, recover quickly after losses and anticipate and smartly respond to changing risk trends.
However, as well as limiting damage, adaptation offers a range of other benefits – including increased efficiency, social and environmental benefits and potentially improved insurance terms. And it equips risk managers and sustainability officers with strong response to ever-changing reporting requirements.
The Global Climate Resilience and Adaptation Hub provides more information on climate resilience and adaptation strategies for organizations.
Does your company have a climate change plan? Is it complaint with current climate laws? Why? Why not?
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