Date of the report
Author of the report
Purpose of the report
This report was produced by climate risk management specialists Acclimatise in association with the UK Climate Impacts Programme. It highlights that British businesses have little understanding of the likely consequences of climate change and are badly prepared to respond to its impact. It worryingly revealed that although more than 90% of companies have a concern about the changing climate, this awareness has not been match by positive action, with little firm evidence that they are developing or considering “adaptation” strategies. The report emphasised that the climate was already changing, with a further 40 plus years of unavoidable change whatever the results of actions taken on greenhouse gas emissions. It also explains why adaptation will become an increasingly important issue for businesses, investors and the financial markets, in addition to the already important mitigation agenda.
Relevance to the region
“Uncertainty about the future is not a reason for inaction”; a poignant message for businesses nationwide and on a regional level. The report highlights that there is no choice between mitigation and adaptation – businesses must pursue complementary actions on both. The study identified value, return and growth, brand reputation and credit rating as well as exposure to litigation and prescriptive regulation, as major risks unless strategies to combat climate change “are implemented now”.
What SWM liked
We liked the detailed sector summaries; highlighting the risks and the scale of impact should businesses fail to take account of climate change, as vulnerability to climate change varies significantly from sector to sector.