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Climate Change: Businesses must take action

The World Economic Forum (WEF) has recently released a new report. Stating, businesses must take action now to tackle climate change.

In the latest Global Risks Report, the WEF suggested that most businesses are ‘ill-equipped to address climate change risk’.

Furthermore, the report has made further statements regarding firms. Such as, firms ‘may not be planning for the physical and financial risks that climate change may have on their activities and across their value chains’.

The WEF surveyed business leaders, unfortunately, discovering none of their top ten business risks are environmental in nature. Additionally, the Forum urged businesses to ‘reassess assets and reconcile trade-offs. Whilst developing new capabilities to move towards a more sustainable model’.

Commenting on the issue, Peter Giger, Group Chief Risk Officer at Zurich Insurance Group, said: ‘It is critical that companies and policymakers move faster to transition to a low carbon economy and more sustainable business models. We are already seeing companies destroyed by failing to align their strategies to shifts in policy and customer preferences.’

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