PwC Report: Climate Change Adaptation Calls for Government-business Teamwork
With poor observance of how climate risks might affect businesses, different industries and governments have been advised by a new PricewaterhouseCoopers report to improve their climate change adaptation to deliver “coherent national adaptation plans” as noted by Richard Gledhill, PwC head for climate change services.
The report noted the weak cooperation between the government and business leaders to establish a strong climate change adaptation plan to help the global economy respond to environmental changes.
Most businesses are focusing only on adapting to practices as a mainstream concern, giving little importance to climate changes that could hugely impact the global economy, the report stated.
PwC has surveyed 40 senior executives of different firms worldwide, and found out that most businesses are failing to advance climate change adaptation ahead of anything else because they are not fully aware of the risks it can bring to businesses, they do not have clear policy direction, and they are not sure as to what extent the risks of climate change may reach.
Gledhill observed that a large gap between government and business sector exists in terms of addressing this concern.
PwC’s sustainability and climate change division director Celine Herweijer said businesses need to develop a fresh risk management and insurance services plan and create technologies that would enhance climate change adaptation strategies.
Herweijer added that climate change adaptation enables businesses to capitalize on “new opportunities, innovations, and markets,” in addition to its role of providing them a defense mechanism.
Scientists who gathered in Cancun, where the report is to be launched to mark World Business Day at the UN Climate Summit, has warned of a fourfold increase in the degree of temperature in the later part of the 21st century that would necessarily result in remarkable climate changes.