Why businesses must unlock climate resilience fast

IT’S a common misconception that the economic effects of climate change will only begin to manifest themselves within the next decade. While this may be true for some risks, such as broader economic transition risks, it is clear from repeated headlines that extreme weather events pose an unparallelled risk to businesses worldwide today – both in terms of financial cost and operational resilience.

With disasters escalating in frequency and severity, the impact on Singapore businesses and their operations and supply chains around the region continues to grow exponentially. This impact is expected only to grow if net-zero targets are missed and higher levels of carbon are emitted into the atmosphere, further modifying global weather patterns.

For organisations to not just survive but also remain competitive in the face of these changes, understanding and preparing for climate risks must become an integral part of business strategy.