A Reality Check for Business
Natalie Ceeney provides a grim view, but a much needed voice, calling on business to take on the challenge of climate change.
Whether prompted by the flurry of recent announcements from government and Bank of England or by the rise in protests, it’s hard to avoid the climate change debate. Whatever our personal beliefs, its impact on the business agenda is becoming increasingly clear.
This is no longer a ‘tomorrow’ issue. Last year, California experienced its worst wildfires in a century, not just burning over 750,000 hectares, but pushing the State’s largest investor-owned utility into bankruptcy and two others “just one fire away from insolvency”. Munich Re, the world’s largest re-insurer, estimated that global losses in 2018 as a result of natural disasters totalled $160bn, making it the most expensive year to-date for insurers. But the real cost was far higher, as under half of losses were insured. The rise in premiums likely from climate change may price many households out of insurance completely. In the UK, the 2018 ‘Beast from the East’, an extreme cold weather front, caused losses of around £1bn per day to the economy.
Read the full article, As the World Gets Hotter, the Heat Is on Business to Deliver Real Change, on LinkedIn.